Meta's Q4 revenue down by 4% to $32.16 billion
Meta Platforms Inc. announced on Wednesday that its revenue in the fourth quarter of the fiscal year 2022 observed an annual drop of 4% to land at $32.15 billion, exceeding expectations. The tech giant's net income declined by 55% compared to the same trimester in 2021 to reach $4.65 billion. Its diluted earnings per share (EPS) decreased by 52% year-on-year to $1.76 per share.
In the full year 2022, Facebook's parent saw an annual fall of 1% in its revenue, which hit $116.61 billion. Its net income went down by 41% on a yearly basis to $23.2 billion, and its diluted EPS by 38% to $8.59 per share.
In addition to disclosing its financial results, Meta announced a $40 billion increase in its share repurchase authorization. It also confirmed the number of its users active daily rose to two billion.