Meta, bucking broader industry struggles with digital advertising, rode stronger advertising results and restructuring savings to report higher-than-expected earnings of $14 billion for the fourth quarter of 2023, as the company said it was accelerating a rapid pivot towards AI development initiatives while continuing to pour investment into metaverse research.
Here are the top-line results:
Revenues: $40.11 billion, rose 25% from the year-ago period
Net income: $14.02 billion, a 201% increase over $4.7 billion in Q4 of 2022
Daily active users: Grew by 8% to 3.19 billion on average
Meta’s revenues of $40.11 billion, and diluted earnings of $5.33 per share for its fourth quarter of 2023, beat Wall Street expectations, results the company attributed in part to advancing AI technology.