In extended trading, shares of Facebook and Instagram’s parent company, Meta Platforms Inc., went up sharply after the company showed how recent steps it has taken to cut costs have affected the business.
Along with predicting higher revenue than analysts had anticipated for the upcoming quarter, it also pledged to continue share buybacks and make further strides toward operational efficiency. Meta reported fourth-quarter earnings of USD 1.76 per share, down from USD 3.67 per share a year earlier, before costs like stock compensation.
That was less than the USD 2.26 per share prediction made by Wall Street. In total, the business reported a USD 4.65 billion net profit, down from USD 10.2 billion in the prior year.
Read More: Meta announces huge share buyback and efficiency plans and its stock soars
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