Meta records $60 billion profit for 2023
Meta has published its Q4 and full year results for 2023, ending the year on a strong note for a revenue of A$207.43 billion (US$134.90 billion) in the 12 months to December 31.
That figure was up 16% year-on-year (YoY), with annual net profit jumping up 61% YoY to A$60.08 billion (US$ $39.10 billion).
The tech giant enjoyed a lifted performance in the fourth quarter, reporting a A$61.64 billion (US$40.11 billion) revenue, up 25% YoY. Net income for Q4 soared 201% compared to the same time in 2022, at A$21.54 billion (US$14.02 billion).
Advertising revenue accounted for A$58.39 billion (US$38.71 billion) of revenue for Q4, and A$202.77 (US$131.95 billion) for the 2023 calendar year.
“We had a good quarter as our community and business continue to grow,” said Mark Zuckerberg, Meta founder and CEO. “We’ve made a lot of progress on our vision for advancing AI and the metaverse.”
2023 was a year marked by restructures and mass layoffs for Meta, as the company looked to grow its margins and continue to invest in innovation in the AI and AR space.
As a result, the company accrued a total of A$5.30 billion (US$3.45 billion) in restructuring costs over the 12 months to December 31.
Locally, the company was hit in July with a hefty $20 million fine by the Australian Federal Court following a two-and-a-half year legal battle over privacy breaches.
Looking to users, and the Meta family of apps – Facebook, Messenger, Instagram and Whatsapp – reported monthly active people at 3.98 billion as of December 31 2023, up 6% YoY.
Meta’s ad impressions in the fourth quarter of 2023 grew 21% YoY, while the average price per ad increased by 2% YoY. For the full year, this rose to 28% YoY and 9% YoY respectively.
The company has posted a revenue guidance in the range of A$53.02-56.87 billion (US$34.5-37 billion) for Q1 2024.
As of 5 February, Meta trades at A$729.87 (US$474.99) with A$1.87 trillion (US$1.22 trillion) market capitalisation.
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A billion bucks a week. Puke !!!!
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