Facebook parent company Meta posted lower fourth-quarter profit and revenue, 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 $US40 billion stock buyback.Meta Platforms said it earned $US4.65 billion, or $US1.76 per share, in the final three months of 2022. That’s down 55 per cent from $US10.29 billion, or $US3.67 per share, a year earlier.Revenue fell 4 per cent to $US32.17 billion from $US33.67 billion. Analysts were expecting $US31.55 billion.
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