Meta Platforms, the parent company of Facebook and Instagram, announced its fourth quarter 2022 earnings, reporting revenue of $32.17 billion, surpassing analysts’ predictions of $31.53 billion. This news sent Meta’s shares soaring in after-hours trading on the New York Stock Exchange, with a 20% increase.
Daily active users (DAUs) for Facebook came in at 2 billion, beating expectations of 1.99 billion, and monthly active users (MAUs) reached 2.96 billion, falling slightly short of the expected 2.98 billion. However, average revenue per user (ARPU) was $10.86, higher than the forecasted $10.63.
While Meta’s costs and expenses rose 22% year-over-year to $25.8 billion, restructuring costs for the Family of Apps and Reality Labs divisions were $3.76 billion and $440 million, respectively, during the fourth quarter of 2022.
For the first quarter of 2023, Meta expects its revenue to be between $26-28.5 billion, while analysts had estimated the figure at $27.1 billion. With strong earnings in Q4, Meta is poised for continued success in the coming year.