Meta Platforms (META) stock surged after the company reported earnings that beat expectations. The company’s stock rose by more than 18% in after-hours trading. Meta’s CEO, Mark Zuckerberg, said that the company had a “year of efficiency” in 2022, and that the company is “well-positioned” for the future.
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Meta’s Earnings Report
Meta Platforms reported earnings on Wednesday, February 2, 2023. The company’s revenue was $28.07 billion, up 7% year-over-year. The company’s earnings per share were $3.67, up 20% year-over-year.
The company’s results were driven by strong growth in its advertising business. Meta’s advertising revenue was $27.91 billion, up 17% year-over-year. The company’s advertising revenue growth was driven by growth in both the number of ads served and the average price per ad.
Meta’s Future Plans
Meta also said that it is “well-positioned” for the future. The company said that it is investing in new products and features, such as the metaverse. Meta said that it is also investing in artificial intelligence and machine learning.
The metaverse is a virtual world that is being built by Meta and other companies. The metaverse is a place where people can work, play, and socialize. Meta is investing heavily in the metaverse, and the company believes that the metaverse will be the next big thing in technology.
Artificial Intelligence and Machine Learning
Meta is also investing in artificial intelligence and machine learning. AI and ML are being used to improve Meta’s products and services. For example, AI is being used to improve the accuracy of Meta’s ad targeting.
Meta’s earnings report was a positive surprise for investors. The company’s results were driven by strong growth in its advertising business, and the company is investing in new products and features for the future.