Shares of Meta (Facebook) surged after the company reported better-than-expected fourth-quarter earnings in the fourth quarter of 2022.
Here are the details of the report issued:
Revenue: Recorded a 4% annual decline, but rose to $32.17 billion versus expectations of $31.53 billion.
Net income: Fell 55% to $4.65 billion.
Earnings per share: $1.76 per share.
Overall revenue 2022: Post a 1% annual decline, with an increase of $116.61 billion.
2022 net income: Record annual decline of 41% to $23.2 billion.
Meta said it expects revenue in the first quarter between $26 billion and $28.5 billion.
Meta's Chief Executive Officer (CEO), Mark Zuckerberg welcomed this decision and expressed his delight at the continued strong engagement in the application.
The company has reportedly increased employment by up to 20% to 86,482 people as of December 31, 2022.
That number includes most of the more than 11,000 workers it said would be laid off last November.
Additionally, Meta also announced a $40 billion increase in share buybacks in its latest report announcement.
Meta shares rocketed around 20% in extended trading, in addition to receiving support from the Federal Reserve's (Fed) policy decision.
