Mark Zuckerberg’s Meta, parent of Facebook and Instagram, posted upbeat financials today to Wall Street’s surprise and relief, beating on revenue and daily active users.
Earnings fell but were hit by a $4,2 billion restrcuturing charge after laying off 11,000 people late last year. first earnings report since the company announced last fall that it’s slashing jobs amid a retrenchment in the tech sector.
Meta itself has been hampered by hefty investmetn in, and Wall Street skepticism at, its push into the Metaverse. Snap’s gloomy outlook yesterday wasn’t a great harbinger for ad-suppported internet services but Facebook blew by that.
Four-quarter sales of $32.2 billion were down 4% from the year before but beat expectations. Earnings fell to $4.6 billion from $10.2 billion.
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