Meta Soundly Tops Q4 Revenues Estimates as Company Doubles-Down on AI Development

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The tech company’s net income ballooned 201% to $14 billion from 2022 on strength of advertising gains, restructuring

Meta Earnings
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Meta, bucking broader industry struggles with digital advertising, rode stronger advertising results and restructuring savings to report higher-than-expected earnings of $14 billion for the fourth quarter of 2023, as the company said it was accelerating a rapid pivot towards AI development initiatives while continuing to pour investment into metaverse research.

Here are the top-line results:

Revenues: $40.11 billion, rose 25% from the year-ago period

Net income: $14.02 billion, a 201% increase over $4.7 billion in Q4 of 2022

Daily active users: Grew by 8% to 3.19 billion on average

Meta’s revenues of $40.11 billion, and diluted earnings of $5.33 per share for its fourth quarter of 2023, beat Wall Street expectations, results the company attributed in part to advancing AI technology.

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