© Reuters Meta Platforms stock surges 17% on fourth-quarter sales, earnings fall 55%
Meta Platforms Inc’s (NASDAQ:) stock surged more than 17% after hours on the company’s reported fourth-quarter results, with revenue of $32.17 billion, down 4% year-on-year, beating consensus expectations. exceeded $31.53 billion.
Fourth quarter EPS was $1.76, below consensus expectations of $2.26. Net income decreased 55% to $4.65 billion.
Family Daily Active People (DAP) averaged 2.96 billion in December 2022, up 5% year-on-year.
Mark Zuckerberg, Founder and CEO of Meta, said: Additionally, our management theme for 2023 is the “Year of Efficiency,” which focuses on becoming a stronger, more agile organization. ”
First quarter 2023 revenue is expected to be between $26.0 billion and $28.5 billion, compared to the consensus forecast of $27.25 billion.
The company expects total expenses for the full year 2023 to be in the range of $89 billion to $95 billion. This is down from his previous $94 billion forecast of $100 billion due to expected slower growth in payroll and revenue costs.
The company also announced a $40 billion increase in its share repurchase authorization.