The US-based social technology company earned revenue of $32.16bn during the fourth quarter ended 31 December 2022, which was 4% lesser compared to the revenue of $33.67bn made in the same period of the previous year
Meta posted a net income of $4.6bn for the fourth quarter of 2022. (Credit: VisbyStar/Wikimedia Commons)
Meta Platforms has reported a net income of $4.65bn for the fourth quarter of 2022 (Q4 2022), a decrease of 55%, compared to $10.28bn in the same quarter of the previous year.
In the preceding quarter, that is Q3 2022, the social technology company posted a net income of $4.4bn.
The Facebook owner’s diluted earnings per share (EPS) in Q4 2022 ended 31 December 2022 were $1.76, which is a 52% decrease compared to $3.67 in the corresponding quarter of the previous year.
During the reported quarter, Meta registered total revenue of $32.16bn, which is 4% lesser compared to $33.67bn in Q4 2021.
The parent company of Facebook said that if the foreign exchange rates were constant with Q4 2021, then the revenue in the reported quarter would have been higher by $2bn.
In Q3 2022, the technology major’s total revenue was $27.7bn.
Meta expects to earn total revenue in the range of $26bn and $28.5bn in Q1 2023.
For the year ended 31 December 2022, Meta’s net income was $23.2bn, compared to a net income of $39.37bn in the same period of 2021.
The company’s revenue for the full year 2022 was $116.6bn compared to revenue of $117.92bn in 2021.
The family of apps (FoA) unit, which includes Facebook, Instagram, Messenger, WhatsApp, and other services, posted revenue of $31.43bn in Q4 2022, compared to revenue of $32.79bn in the corresponding quarter of the previous year.
Meta’s reality labs business had revenue of $727m in the reported three months, compared to $877m in Q4 2021. This unit includes the company’s augmented and virtual reality (AR and VR) related consumer hardware, software, and content.
According to Meta, the daily active users (DAUs) for Facebook were two billion on average for December 2022, which is a 4% increase year-over-year.
Meta founder and CEO Mark Zuckerberg said: “Our community continues to grow and I’m pleased with the strong engagement across our apps. Facebook just reached the milestone of 2 billion daily actives.
“The progress we’re making on our AI discovery engine and Reels are major drivers of this. Beyond this, our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organisation.”
In November 2022, Meta announced its decision to lay off nearly 13% of the company’s workforce, impacting over 11,000 employees.