Meta stock jumped late Wednesday after reporting fourth-quarter results that fell short on earnings but beat on revenue. Read More...
Associated Press
Meta posts lower Q4 profit, announces huge stock buyback
Facebook parent company Meta posted lower fourth-quarter profit and revenue on Wednesday, hurt by a downturn in the online advertising market and competition from rivals such as TikTok. This is the third consecutive quarter of revenue decline for the tech giant, which laid off 11,000 workers, or about 13% of its workforce, in November. CEO Mark Zuckerberg blamed the layoffs on aggressive hiring during the pandemic, when Meta’s business boomed because people were stuck at home, scrolling on their phones and computers, glued to social media.
