Lei Jianping on February 2
Social network Meta Platforms (NASDAQ: META) today reported financial results. According to the financial report, Meta's revenue in 2023 will be $134.9 billion, an increase of 16% from $116.6 billion in the same period last year; Net profit was $39.1 billion, up 69% from $23.2 billion in the year-ago quarter.
Meta's restructuring costs in 2023, including severance payments and facility integration, totaled $34$500 million.
Among them, Meta's revenue in the fourth quarter of 2023 was 401$1.1 billion, up from $321 in the year-ago quarterUS$6.5 billion, up 25%; Net profit was 140$1.7 billion, up from $46.6 in the year-ago quarter$5.2 billion, an increase of 201%.
Meta's revenue and profit beat analysts' expectations. Meta repurchased 63. in the fourth quarter and full year of 2023200 million and 200 million$300 million in Class A common stock.
Meta's revenue from Family of Apps was $133 billion in the fourth quarter of 2023 and revenue from Reality Labs was $10$7.1 billion; The operating profit from Family of Apps was 210$300 million, from Reality Labs operating loss of 46$4.6 billion.
Meta's revenue from Family of Apps for the full year of 2023 is $390$400 million, revenue from Reality Labs was $18$9.6 billion; The operating profit from Family of Apps was 628$7.1 billion, from Reality Labs operating loss of $161$200 million.
As of December 31, 2023, Meta owned 309$300 million in available funds and authorizations for buybacks. Meta also announced an increase of $50 billion in repurchase authorizations and began distributing 0. per share$50 quarterly dividend.
As of December 31, 2023, Meta held $65.4 billion in cash, cash equivalents and valuable**. Meta's free cash flow for the fourth quarter and full year 2023 was $11.5 billion and $430, respectively$100 million.
As of December 31, 2023, Meta held 183$900 million.
As of December 31, 2023, Meta had 67,317 employees, a decrease of 22% year-over-year.
Meta expects revenue of $34.5 billion to $37 billion for the first quarter of 2024, beating analysts' expectations for revenue of $33.6 billion.
Meta calculates that its total spending will reach $94 billion to $99 billion by 2024, and Meta noted, among other things, that wage costs will rise in 2024 as Meta adds more employees in higher-cost technical positions as it advances AI capabilities.
As of today**, Meta shares are trading at $394$7.8 billion, with a market capitalization of $1$0145 trillion; Meta's shares surged 14% after hours after the earnings release.
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