Facebook exceeded market expectations by announcing its financial results for the fourth quarter of 2022. The scenario is quite positive and surprises investors. The big news is that the company reached the milestone of 2 billion daily active users.
The released report specifies that in the last quarter users grew by over 16 million and an increase in the number of monthly active users of over 10% compared to the previous year.
Our community continues to grow and I’m pleased with the strong engagement in our apps. Facebook just hit the 2 billion daily actives milestone. The progress we are making on our AI discovery engine and Reels are the main drivers of this achievement Additionally, our main focus in 2023 will be on efficiency and we will focus on becoming a stronger, more agile organization
Mark ZuckerbergCEO of Facebook
Among the company’s plans, the CEO mentions that there are investments in infrastructure to meet the growing demand for e-commerce services. Advertising revenues have increased and represent the majority of Facebook’s revenues.
Earnings were hit by $4.2 billion in restructuring charges after the social media giant executed its mega layoffs of 11,000 people late last year. Overall, the company posted revenue of $32.17 billion, down 4% year-over-year in the fourth quarter of 2022. Net income declined 55% to $4.65 billion, with costs rising 22% year-over-year. Meta previously warned that fourth-quarter sales could decline by as much as 10%.
