Meta Platforms Inc. announced its fourth quarter and 2022 earnings on Wednesday, noting that it grew 4% on daily active user metric on Facebook, to about 2 billion, giving Wall Street a reason to cheer.
And cheer it did, with the stock rising close to 20% to $182 per share in after-hours trading after closing Wednesday’s session at 153.12.
The company reported revenues of $32.17 billion for Q4, which was down 4% from the same period in 2021. Net income fell 55% to $4.7 billion for the fourth quarter and was 41% lower, at $23.2 billion, for FY22 than in full year 2021.