The diluted earnings per share of the social technology company in Q4 2023 ended 31 December 2023 were $5.33, which represents a growth of 203% compared to $1.76 in the corresponding quarter of the previous year
Meta registers a total revenue of $40.1bn in Q4 2023. (Credit: VisbyStar/Wikimedia Commons)
Meta Platforms has reported a 201% surge year-over-year (YoY) in its net income for the fourth quarter of 2023 (Q4 2023) at $14bn compared to $4.65bn in the same quarter of the previous year.
In the preceding quarter, that is Q3 2023, the parent company of Facebook had a net income of $11.58bn.
The diluted earnings per share (EPS) of the social technology company in Q4 2023 ended 31 December 2023 were $5.33, a growth of 203% compared to $1.76 in the corresponding quarter of the previous year.
During the reported quarter, the Facebook owner registered a total revenue of $40.11bn, which is 25% more compared to $32.16bn in Q4 2022. In Q3 2023, the technology major’s total revenue was $34.14bn.
Meta expects its Q1 2024 total revenue to be in the range of $34.5bn and $37bn.
For the twelve months ended 31 December 2023, Meta’s net income was $39bn, compared to a net income of $23.2bn for the same period of 2022.
Meta’s family of apps (FoA) unit, which includes Facebook, Messenger, Instagram, WhatsApp, and other services, earned revenue of $21bn in Q4 2023, compared to revenue of $10.67bn in the corresponding quarter of 2022.
Advertising revenue from the various apps in Q4 2023 was $38.7bn, compared to $31.25bn in the same period of the previous year.
The company’s reality labs business had revenue of $1bn in the reported three months, compared to $727m in Q4 2022. This unit includes the company’s augmented and virtual reality (AR and VR) related consumer hardware, software, and content.
The parent company of Facebook said that the daily active users (DAUs) for Facebook were 2.11 billion on average for December 2023, which is a 6% increase year-over-year.
Meta founder and CEO Mark Zuckerberg said: “We had a good quarter as our community and business continue to grow.
“We’ve made a lot of progress on our vision for advancing AI and the metaverse.”
In December 2023, Meta and IBM co-launched an international community of technology developers, researchers, and adopters, dubbed AI Alliance, to advance open, safe, and responsible artificial intelligence (AI).