Meta posts lower Q4 profit

Revenue fell 4% to $32.17 billion from $33.67 billion

That’s down 55% from $10.29 billion, or $3.67 per share, a year earlier.

said it earned $4.65 billion, or $1.76 per share, in the final three months of 2022.

Facebook parent company Meta posted lower fourth-quarter profit and revenue on Wednesday, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

But the company’s stock soared in extended trading, as its revenue beat Wall Street’s muted expectations and the Menlo Park, California-based company announced a $40 billion stock buyback, according to AP. (LaPresse)

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