What you need to know
- Meta announced its Q4 2022 financial earnings on February 1.
- Quarterly revenue was better than analysts expected, while daily active users reached a milestone of 2 billion.
- Meta recently laid off roughly 11,000 employees during the quarter to help streamline the business.
It’s no secret that the tech industry is struggling, facing a string of layoffs while companies try to shed some financial weight amid challenging macroeconomic conditions. However, Meta reported better-than-expected numbers on Wednesday, which could signal that things may start turning around for the company.
Despite weaker revenue compared to last year, Meta’s $32.17 billion was more than analysts expected for the quarter. The company’s outlook for Q1 earnings is also squarely within analyst expectations, which is a fairly good sign for the company after some troubling quarters in 2022.
“Our community continues to grow and I’m pleased with the strong engagement across our apps. Facebook just reached the milestone of 2 billion daily actives,” Meta CEO Mark Zuckerberg said in a statement. “The progress we’re making on our AI discovery engine and Reels are major drivers of this. Beyond this, our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization.”
Meta announced in November 2022 that it was laying off roughly 11,000 employees in an attempt to make the company operate more efficiently.
Updating…
