Meta Platforms Inc. tripled its profit to $14 billion, or $5.33 per share, in Q4 2023, up from $4.65 billion, or $1.76 per share, a year earlier. Revenue grew 25% to $40.11 billion from $32.17 billion. Monthly active users on Meta s apps reached 3.98 billion, up 6% from 2022. Meta is forecasting Q1 2024 revenue of $34.5 billion to $37 billion, above expectations. It had 67,317 employees as of Dec. 31, 2023, a decrease of 22% year-over-year.
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Mark Zuckerberg announced that the app presently boasts "just under" 100 million monthly active users, and he envisions a "good chance" of it reaching 1 billion users in the next couple of years.
Social media company Meta, formerly known as Facebook, has reported a 164% increase in net profit for Q3 2023, reaching $11.58bn. The company s revenue also rose by 23%, driven by strong user metrics and a rebound in advertising. Meta s Q4 guidance predicts revenue of $36.5bn to $40bn, but also expects higher infrastructure-related costs in the coming year.