Meta reports higher expenses, lower earnings in Q4 amid major stock buyback

Facebook hits "milestone of 2 billion daily actives," Zuckerberg claims.

Updated: February 2, 2023 - 1:35pm

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Facebook parent company Meta on Wednesday announced a decline in Q4 revenue amid rising expenses, though the company saw a sharp increase in stock valuation amid a major buyback. 

The company in its fourth quarter 2022 results saw a 4% decline in revenue and a 22% hike in expenses year-over-year, with roughly similar year-end results and a 1% decline in total-year revenue. 

The underwhelming results come as the company engages in a major stock buyback, pouring $40 billion into an effort to scoop up salable shares on the market and sending the company's stock prices spiking in short-term trading. 

Meta stocks jumped more than 25% on trading over Thursday, accelerating a gradual increase in Meta shares after they hit a seven-year low in November. 

CEO Mark Zuckerberg, meanwhile, expressed optimism for Meta's positioning, particularly that of its flagship product, Facebook. 

"Our community continues to grow and I'm pleased with the strong engagement across our apps," he said in the earnings release. "Facebook just reached the milestone of 2 billion daily actives."