this post was submitted on 03 Feb 2024
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News

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  • Meta shares jumped on Friday after profit tripled in the fourth quarter and the company issued its first-ever dividend.
    • Revenue rose 25% in the quarter for Meta, marking the fastest rate of growth for any period since mid-2021 as the online ad market rebounded.
    • Investors praised Meta’s decision to issue a dividend, a rare step for a high-growth technology company.

Meta shares closed up more than 20% on Friday after the company reported a tripling in fourth-quarter profit and issued its first-ever dividend.

Revenue rose 25% in the fourth quarter for Meta to $40.1 billion from $32.2 billion a year earlier. That’s the fastest rate of growth for any period since mid-2021, and offers further evidence that the online ad market is continuing to rebound. Meta’s net income more than tripled, to $14 billion from $4.65 billion a year earlier.

The company is forecasting first-quarter sales to be in the range of $34.5 billion to $37 billion. Analysts were expecting revenue of $33.8 billion.

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[–] _sideffect@lemmy.world 40 points 9 months ago (31 children)

Who tf is still using Facebook, and how tf is it making so much money still?

[–] GissaMittJobb@lemmy.ml 3 points 9 months ago (1 children)

2023 Q3 they had 3 billion monthly active users. Instagram had 2 billion monthly active users.

Showing ads to these users is how they make so much money.

[–] FuglyDuck@lemmy.world 5 points 9 months ago (1 children)

Many of those active users are not people, per se,

[–] gedaliyah@lemmy.world 2 points 9 months ago

And yet advertisers still pay to show them ads

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