The tech giant came out with results shortly after the end of the trading day, and jumped into the aftermarket.
Meta stock gained huge momentum following the result. Shortly after the report was published, the share rose by 11 percent. At 20.25, the share rose by 18 percent.
Upfront, the company was expected to generate $31.65 billion in revenue in the fourth quarter, of which $30.86 billion would come from advertising revenue, according to Bloomberg estimates.
The real income is 32.165 billion dollars. Net income ended at $4.65 billion for the fourth quarter. This is a sharp decrease from last year’s result for the same period, which was $10.285 billion.
Advances in artificial intelligence
– Our community continues to grow, and I’m thrilled with the strong participation in all of our apps. Facebook just reached the milestone of 2 billion daily activity, Meta founder Mark Zuckerberg wrote in the company’s quarterly report.
He further writes that Meta is making progress with its AI technology.
Zuckerberg has long promoted Meta’s various ambitions to create a metaverse where users meet using virtual reality technology.
Excitement related to the report
In January, it was announced that Meta would cut 13 percent of its staff to cut costs. Before the numbers were released, most of the tension related to whether the company would announce more cuts.
There has also been excitement over what CEO Mark Zuckerberg will say about the outlook for 2023.
Analysts had predicted in advance that the company would estimate first-quarter revenue of more than $27 billion.
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