© Reuters.
Investing.com – The social media giant reported fourth-quarter earnings on Thursday that beat analysts’ estimates for revenue and profit and also provided strong guidance for the current quarter. writes Yahoo.
For the fourth quarter, earnings per share (EPS) were $5.33 on revenue of $40.11 billion. Consensus estimates were for earnings per share of $4.94 on revenue of $39.01 billion. Share repurchases also increased by $50 billion, as did the company will begin paying a quarterly dividend of $0.50 per share. This will bring CEO Mark Zuckerberg about $700 million for the year.
For the current quarter, Meta expects revenue of $34.6 billion to $37 billion, above analysts’ revenue expectations of $33.6 billion. Meta shares rose more than 12% on Thursday after the report.
Meta’s advertising revenue for the quarter was $38.7 billion, beating expectations of $37.8 billion. The company also reported 2.11 billion daily active Facebook users, compared to expectations of 2.07 billion.
The metaverse unit lost $4.65 billion, compared with the $4.3 billion the company lost on the project in the same period last year.
However, the head of the company spoke about a long-term strategy – the development of artificial intelligence and the opening of its source code.
In 2024, Meta expects its expenses to be between $94 billion and $99 billion.
— Yahoo materials were used in preparation
*Meta company is recognized as a terrorist organization in Russia and is banned
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2024-02-02 10:24:00
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