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Facebook stock surges after announcing $40 billion share buyback - San Francisco Business Times

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Facebook stock jumped in the extended session after the company reported fourth-quarter sales that were better than expected.

Meta Platforms Inc. shares rampaged in the extended session Wednesday after the company said it planned to buy back $40 billion more worth of stock, and delivered revenue that was better than some feared.Meta reported a fourth-quarter net profit of $4.7 billion, or $1.76 a share, compared with $10.3 billion, or $3.67 a a share, in the year ago period. Revenue fell to $32.2 billion versus $33.7 billion in the same quarter last year.

"Our community continues to grow and I'm pleased with the strong engagement across our apps. Facebook just reached the milestone of 2 billion daily actives," CEO Mark Zuckerberg said in a statement."The progress we're making on our AI discovery engine and Reels are major drivers of this. Beyond this, our management theme for 2023 is the 'year of efficiency' and we're focused on becoming a stronger and more nimble organization.

The future is potentially more rosy. Meta finance chief Susan Li said in a statement that the company expects first-quarter revenue of $26 billion to $28.5 billion. Wall Street expected first-quarter revenue of $27 billion.

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