What you need to know
- Meta announced its financial results for the fourth quarter of 2022 on February 1.
- Quarterly revenue exceeded analyst expectations, reaching the milestone of 2 billion daily active users.
- Meta recently laid off about 11,000 employees during the quarter to help streamline its business.
It’s no secret that the tech industry is struggling in the face of a string of layoffs, while companies try to ease their financial burdens during tough macroeconomic conditions. However, Meta reported better-than-expected numbers on Wednesday, which could indicate that a turnaround could start for the company.
Meta’s $32.17 billion surpassed what analysts expected for the quarter, despite lower revenue compared to last year. The company’s first-quarter earnings outlook is also within analyst expectations, which bodes pretty well for the company after some troubled quarters in 2022.
“Our community continues to grow and we are pleased with the strong engagement across our apps. Facebook has reached 2 billion daily actives,” said Mark Zuckerberg, CEO of Meta. said in a statement. “Our company’s advances in his AI discovery engine and Reel are the main drivers for this. Beyond this, our management theme for 2023 is ‘The Year of Efficiency’, and we are committed to building a stronger, more agile organization. I am focused on becoming
Meta announced in November 2022 that it would lay off about 11,000 employees in order to run the company more efficiently.
Updating…
