The company has reported a revenue decline of 4 per cent in Q4 compared to previous year, recording a third straight quarter of declining sales.
Tech giant Meta on Wednesday revealed Q4 results of the company. According to the report, the platform recorded a third consecutive quarter with a decline in revenue. Compared to last year, Meta’s Q4 revenue fell 4 per cent.
Meta has forecasted the Q1 revenue to be between $26 billion and $28.5 billion. In a statement, Meta’s CEO Mark Zuckerberg revealed the plans for Meta’s future, calling 2023 the “Year of Efficiency.”
The company expects that its total expenses in 2023 will be in the range of $89 Billion to $95 billion, noticeably lower than its previous estimates of $94 billion to $100 billion for the year.
The company has reported a hard year as digital ads saw a massive slump post pandemic. The platform has since cut more than 11,000 jobs in response. With the year 2023 underway, Meta has announced plans to sustain a structure that can support both AI and non-AI work.
Meta stock surged nearly 19 per cent. If the trajectory continues, the company could record the shares for its biggest intraday surge in a decade, adding more than $75.5 billion to its existing $401 billion market capitalisation.