UNITED STATES NEWS

Meta posts sharp profit, revenue increase in Q4 thanks to cost cuts and advertising rebound

Feb 1, 2024, 2:33 PM

FILE - A person stands in front of a Meta sign outside of the company's headquarters in Menlo Park,...

FILE - A person stands in front of a Meta sign outside of the company's headquarters in Menlo Park, Calif., March 7, 2023. Meta releases results on Thursday, Feb. 1, 2024. (AP Photo/Jeff Chiu, File)
Credit: ASSOCIATED PRESS

(AP Photo/Jeff Chiu, File)

Meta Platforms Inc. tripled its profit and posted sharply higher revenue in the final quarter of 2023, boosted by a rebound in digital advertising as well cost cutting and layoffs in what CEO Mark Zuckerberg called the “year of efficiency.”

The Menlo Park, California-based company said Thursday that it earned $14 billion, or $5.33 per share, in the October-December period. That’s up from $4.65 billion, or $1.76 per share, a year earlier.

Revenue grew 25% to $40.11 billion from $32.17 billion.

Analysts, on average, were expecting earnings of $4.82 per share on revenue $39.1 billion, according to FactSet Research.

“This was a pivotal year for our company. We increased our operating discipline, delivered strong execution across our product priorities, and improved advertising performance for the businesses who rely on our services,” Meta said in a statement.

The blowout results come a day after Zuckerberg testified before the Senate along with other social media CEOs about the dangers their platforms pose to children.

For the current quarter, Meta is forecasting revenue of of $34.5 billion to $37 billion, above Wall Street’s expectations. Analysts are projecting revenue of $33.9 billion for the first quarter.

The company said it had 67,317 employees as of December 31, 2023, a decrease of 22% year-over-year after it laid off thousands to cut expenses.

Meta’s shares jumped $45.37, or 11.5%, to $440.15 in after-hours trading. The stock had closed at $394.78, up 1.2%.

United States News

Associated Press

New Jersey man acquitted in retrial in 2014 beating death of college student from Tennessee

NEW BRUNSWICK, N.J. (AP) — A New Jersey man has been acquitted in a retrial in the beating death of a college student from Tennessee a decade ago. Jurors in Middlesex County deliberated for five hours before acquitting Timothy Puskas of all charges Wednesday in the 2014 death of 22-year-old former Rutgers student William McCaw […]

11 minutes ago

Liam Lazo boards a diesel school bus near his home, Tuesday, Feb. 6, 2024, in Virginia Beach, Va. D...

Associated Press

Tired of diesel fumes, these moms are pushing for electric school buses

Areli Sanchez’s daughter, Aida, used to be one of 20 million American kids who ride a diesel bus to school each day. Aida has asthma. When she was little, she complained about the smell and cloud of fumes on her twice-daily trip. “When she would come home from school or be on the bus, she […]

2 hours ago

Associated Press

Warren Buffett tells investors to ignore Wall Street pundits while paying tribute to Charlie Munger

OMAHA, Neb. (AP) — Warren Buffett credited his longtime partner — the late Charlie Munger — with being the architect of the Berkshire Hathaway conglomerate he’s received the credit for leading and warned shareholders in his annual letter not to listen to Wall Street pundits or financial advisors who urge them to trade often. Buffett […]

2 hours ago

FILE -Stephen Parlato of Boulder, Colo., holds a sign that reads "Hands Off Roe!!!" as abortion rig...

Associated Press

Alabama IVF ruling puts spotlight on state plans for tax breaks and child support for fetuses

TOPEKA, Kan. (AP) — The recent Alabama Supreme Court ruling that frozen embryos are legally protected children is highlighting how support for the idea that a fetus should have the same rights as a person underpins far less dramatic laws and proposals from abortion foes across the U.S. Lawmakers in at least six states have […]

10 hours ago

This image provided by Tyler Watts shows Florida Man Games competitors, from left, Joshua Barr, Mic...

Associated Press

At the Florida Man Games, tank-topped teams compete at evading police, wrestling over beer

ST. AUGUSTINE, Fla. (AP) — They rose up by the dozens from across Florida, caricatured competitors in tank tops and cutoff shorts, for a showdown that treats evading police and wrestling over beer like Olympic sports. Promoted as “the most insane athletic showdown on Earth,” the Florida Man Games poke fun at the state’s reputation […]

11 hours ago

Andie Nelson, right, embraces Brian Jaskot, both of Virginia, after their race during the 25 meter ...

Associated Press

‘Totally cold’ is not too cold for winter swimmers competing in a frozen Vermont lake

NEWPORT, Vt. (AP) — Plunging into a frozen lake and swimming laps may not be everyone’s good time but for winter swimmers who return year after year to a northern Vermont lake near the Canadian border, there’s nothing better. The 10th annual Memphremagog Winter Swimming Festival kicked off Friday with the 200-meter (218-yard) freestyle race […]

11 hours ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

Collins Comfort Masters

Avoid a potential emergency and get your home’s heating and furnace safety checked

With the weather getting colder throughout the Valley, the best time to make sure your heating is all up to date is now. 

...

Sanderson Ford

The best ways to honor our heroes on Veterans Day and give back to the community

Veterans Day is fast approaching and there's no better way to support our veterans than to donate to the Military Assistance Mission.

Meta posts sharp profit, revenue increase in Q4 thanks to cost cuts and advertising rebound