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Meta Platforms’ Stock Soars 20% On Q4 Earnings

Shares of Meta Platforms (META), the parent company of Facebook, are up 20% following fourth-quarter earnings that showed its revenue topped Wall Street forecasts.

Meta Platforms also announced a $40 billion U.S. stock buyback plan along with its latest quarterly results.

Meta reported that it earned $1.76 U.S. per share in the October to December quarter on revenue of $32.17 billion U.S. The revenue number beat the $31.53 billion U.S. that analysts had expected, according to Refinitiv data.

Analysts were expecting earnings per share of $2.22 U.S. for Q4, but that miss was largely due to the company taking a restructuring charge for its Reality Labs unit of $440 million U.S.

Additionally, Meta Platforms reported Daily Active Users (DAUs) of two billion versus 1.99 billion expected, and Average Revenue per User (ARPU) of $10.86 U.S. compared to $10.63 U.S. that was forecast.

Meta said it expects revenue in the first quarter of this year to be between $26 billion U.S. and $28.5 billion U.S. Analysts had estimated sales of $27.1 billion U.S., according to Refinitv numbers.

The company expects its total expenses in 2023 will be in a range of $89 billion U.S. to $95 billion U.S., which is lower than its previous outlook of $94 billion U.S. to $100 billion U.S. for the year.

Meta also said that it’s lowering its capital expenditure estimates for the year to a range of $30 billion U.S. to $33 billion U.S., down from $34 billion U.S. to $37 billion U.S. previously.

Meta said that its board of directors has authorized a $40 billion U.S. increase to its stock buyback plan. The company bought back $27.9 billion U.S. worth of stock in 2022.

Meta Platforms’ stock was one of the worst performers in 2022 and has declined 53% over the last 12 months to $153.12 U.S. per share.