Meta (NASDAQ:META) showed a strong performance in Q4 2022, topping estimates on almost all relevant performance indicators.
The company reported revenues of $32.17 billion vs $31.53 billion expected, while its average revenue per user, monthly, and daily active users all came in above expectations.
Meta CEO Mark Zuckerberg said there continues to be strong engagement throughout Meta’s apps. In addition, the company is adding a $40 billion increase to its stock repurchase program.
Stock repurchases reduce the number of outstanding shares on the market, potentially driving up stock prices.
On the other hand, Zuckerberg’s bet on the Metaverse has not paid off so far, with the Reality Labs project expected to have an even bigger operating loss YoY during 2023.
The company is looking to be more efficient in 2023, with plans to lay off thousands of employees already in motion.