Meta Platforms reported a strong fourth quarter performance, beating analysts' expectations with a revenue increase of 20.6% to $48.4 billion and a 50.5% rise in earnings per share to $8.02. CEO Mark Zuckerberg emphasized progress in AI and future technologies, projecting significant growth in 2025. However, guidance for the upcoming quarter fell short of expectations, largely due to macroeconomic challenges, including advertising spending setbacks and unfavorable currency fluctuations. Despite this, the company remains optimistic about its long-term initiatives.
"We continue to make good progress on AI, glasses, and the future of social media," said Meta Platforms CEO Mark Zuckerberg in a statement.
"Meta is suffering from challenging macroeconomic conditions that are negatively impacting its advertising spending," says Brian Mulberry, client portfolio manager at Zacks Investment Management.
"This is going to be a really big year for Meta and that the trajectory for most of our long-term initiatives will be a lot clearer by the end of this year," Zuckerberg added.
"The midpoint of this range, $40.65 billion, came in below analysts' expectations for revenue of $41.7 billion, but Meta added that its outlook assumes a 3% headwind related to foreign currency translation."
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