Shares for Facebook parent Meta jumped more than 17% in after-hours trading Wednesday, after the tech giant beat Wall Street expectations on revenue and user growth.
Meta also provided positive first quarter guidance and said it expects expenses for the full year to be lower than originally forecasted.Investors no longer expect Meta to grow at the same blockbuster pace that it used to.
: The company said that, for the first time in December, it reached 2 billion daily active users across its family of apps, which includes Facebook, Instagram and WhatsApp.Those figures suggest Meta continues to be the most dominant social network in the world, despite a historically challenging year for its business in 2022.: Meta reported $4.2 billion in restructuring charges for the fourth quarter and says it expects to spend another $1 billion on restructuring costs for the year.
Reality Labs lost $4.27 billion last quarter, bringing its total losses for the year to $13.71 billion. The unit generated $2.15 billion in revenue last year, down slightly from $2.27 billion in 2021.: The company's optimistic projections for its first quarter revenue are an important update considering Meta competitor Snap Inc. on Tuesday told investors that it expects revenue to decline 2%-10% in the same time period.
On an investor call Wednesday, CEO Mark Zuckerberg said he wants Meta to become a leader in generative AI and use the technology to generate images, videos, avatars and 3D assets across its products.
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