Meta's fourth-quarter net profit fell 55%, while Yuanyu lost $13.7 billion a year.
Meta, the parent company of Facebook, today released its results for the fourth quarter and full year of fiscal year 2022, which ended December 31, Beijing time. Meta reported fourth-quarter revenue of $32.165 billion, down 4 per cent from $33.671 billion a year earlier, while net profit was $4.652 billion, down 55 per cent from $10.285 billion a year earlier.
MetaMeta posted better-than-expected fourth-quarter revenue and announced an additional $40 billion in share buybacks, sending its shares up 18 per cent in after-hours trading.
Stock price performance:
Meta shares rose sharply in after-hours trading. 18.14%Meta opened Wednesday at $148.03 on the Nasdaq Stock Exchange. As of Wednesday's close, Meta shares were up $4.15, or 2.79 per cent, at $153.12. Meta shares rose $27.77, or 18.14%, to $180.89 in after-hours trading as of 17:00 EDT Wednesday (6: 00 Thursday Beijing time). Over the past 52 weeks, Meta shares have peaked at $328 and traded as low as $88.09.
Operating points in the fourth quarter:-in December 2022, the average number of daily active users (DAP) of families was 2.96 billion, an increase of 5% over the same period last year
-as of December 31, 2022, the monthly active number of families (MAP) was 3.74 billion, an increase of 4% over the same period last year.
-- in December 2022, the average number of daily active users (DAU) of Facebook was 2 billion, an increase of 4% over the same period last year.
As of December 31, 2022, Facebook's monthly active users (MAU) were 2.96 billion, up 2% from a year earlier.
Fourth quarter financial results:-- Total revenue was US $32.165 billion, down 4% from US $33.671 billion in the same period last year. Of this total, the operating loss of the reality Lab department responsible for metacosmos was US $4.28 billion, and the annual loss widened to US $13.72 billion.
-- Total costs and expenses were $25.766 billion, up 22% from $21.086 billion in the same period last year
-- operating profit was $6.399 billion, down 49% from $12.585 billion in the same period last year; operating profit margin was 20%, down 17 percentage points from 37% in the same period last year
-- net profit was $4.652 billion, down 55% from $10.285 billion in the same period last year
-- diluted earnings per share were $1.76, down 52% from $3.67 a year earlier.
-- the effective tax rate is 24%, up 5 percentage points from 19% in the same period last year.
-as of December 31, 2022, long-term debt was $9.92 billion
-- Capital expenditure in the fourth quarter and 2022 was $9.22 billion and $32.04 billion, respectively, including principal reimbursements for financial leases
As of December 31, 2022, Meta had a total of 86482 employees, up 20% from a year earlier, including most of the planned layoffs of about 11000.
-as of December 31, 2022, Meta held a total of $40.74 billion in cash, cash equivalents and marketable securities.
2022 full-year results highlights:-- Total revenue was $116.609 billion, down 1% from $117.929 billion in fiscal year 2021
-- operating profit was $28.944 billion, down 38 per cent from $46.753 billion in fiscal year 2021
-net profit was $23.2 billion, down 41 per cent from $39.37 billion in fiscal year 2021.
Buy back $40 billion shares Meta said it bought back $6.91 billion of Class A common stock in the fourth quarter and $27.93 billion in the whole of fiscal year 2022. As of December 31, 2022, Meta had a repurchase quota of $10.87 billion.
Meta also announced today that it will increase the repurchase program authorization by $40 billion.
Outlook: Meta expects total revenue in the first quarter of fiscal 2023 to be between $26 billion and $28.5 billion, taking into account foreign exchange rate resistance of about 2 per cent year-on-year growth; capital expenditure in fiscal 2023 will be between $89 billion and $95 billion, down from $91 billion to $100 billion; and capital expenditure will be between $30 billion and $33bn. lower than the previous forecast of $34bn-$37bn.
