Meta Earnings - Comeback from the social media giant?
Meta $Meta Platforms (META.US)$ just announced their Q4’2022 EPS of $1.76, falling short of analysts’ EPS estimate of $2.26. However, their revenue for the quarter was $32.17 bil, beating the widely expected $31.53 bil thanks to the revenue from Advertising, Family of Apps Revenue (i.e. Facebook, Instagram, WhatsApp) and Reality Labs.
Alongside the earnings announcement, Meta also authorized a $40 bil increase to its stock buyback plan. In 2022, the company bought back $27.9 bil worth of its shares.
Mark Zuckerberg said that they will be leveraging AI to make 2023 the “Year of Efficiency”, alongside a refocus on more immediate issues (such as their platform’s video suggestion algorithm), while laying off the middle management to make them more agile and more productive.
META’s share price has fallen >50% y-o-y as of the writing of this post, hence the revenue beat has sent its share price soaring >20% after hours (after they announced this earnings). Is this the comeback from the social media giant? Can a more lean and clear-headed management lead to the return of the social media giant? Comment down below!
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