Facebook parent company Meta posted lower fourth-quarter profit and revenue on Wednesday, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.
But the company's stock soared in extended trading, as its revenue beat Wall Street's muted expectations and the Menlo Park, California-based company announced a $40 billion stock buyback.
″ management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization," Zuckerberg said in a statement Wednesday. Meta Platforms Inc. said it earned $4.65 billion, or $1.76 per share, in the final three months of 2022. That's down 55% from $10.29 billion, or $3.67 per share, a year earlier.Revenue fell 4% to $32.17 billion from $33.67 billion. Analysts were expecting $31.55 billion."The downturn was slightly less than we thought it would be, but that's not necessarily a good sign," said said Insider Intelligence analyst Debra Aho Williamson.
Meta's Reality Labs segment, which includes its virtual and augmented-reality hardware such as its headsets, as well as software and related content, posted a fourth-quarter operating loss of $4.28 billion, compared with a loss of $3.3 billion a year earlier.
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