Meta continues to have less income, but its shares rise up to 14%

Following the company’s quarterly report and an announcement of a $40 billion share buyback, the company led by Mark Zuckerberg ended the day encouragingly. The reported income reached a value of 321.700 million dollars, a higher figure than expected by Wall Street. In addition to having more daily and monthly active users.

In detail, the daily active users (DAU) reached 2,000 million, while its monthly active users reached 2,960 million users. However, the company’s cost and expenses soared 22% year-over-year to $25.8 billion.

Meta said it expects first-quarter revenue of between $260 billion and $285 billion. “Our community continues to grow and I am pleased with the strong engagement in our apps,” Meta CEO Mark Zuckerberg said in a statement.

In November, the company announced that it would cut more than 11,000 employees worldwide, or 13% of the workforce, as part of the company’s plans to reduce costs. Part of this capital that the company ‘optimized’ was used to repurchase shares.

Also, in 2022, the company lost $42.8 billion in its Reality Labs division, focused on Metaverse development, so these downsizing changes could help Meta have a better quarter.