Meta Platforms announces impressive 2023 financial performance, emphasizes AI and metaverse growth
Meta Platforms, Inc. (Nasdaq: META) has released its financial results for the fourth quarter and full year ended December 31, 2023, showcasing significant growth across its operations and a strong commitment to advancing artificial intelligence (AI) and the metaverse. Mark Zuckerberg, Meta’s founder and CEO, emphasized the company’s continued growth and progress in integrating renewable resources into its overall emissions reduction strategy.
The financial highlights of 2023 include a 25% increase in quarterly revenue to $40.11 billion and a 16% rise in yearly revenue to $134.90 billion. The company also reported a 201% increase in net income to $14.017 billion for the quarter, with diluted earnings per share (EPS) soaring by 203% to $5.33. These results reflect Meta’s successful strategy in integrating AI technologies and expanding its metaverse vision.
Operational and financial milestones include an 8% growth in family daily active people (DAP) to 3.19 billion and a 6% increase in family monthly active people (MAP) to 3.98 billion as of December 31, 2023. Additionally, Facebook’s daily and monthly active users grew by 6% and 3%, respectively, underscoring the platform’s enduring appeal.
Meta Platforms, Inc. Reports Robust Growth and Expands AI and Metaverse Initiatives in 2023
Meta also initiated a quarterly dividend of $0.50 per share, demonstrating its financial strength and commitment to delivering shareholder value. The company’s restructuring efforts, aimed at enhancing efficiency and aligning with strategic priorities, included significant investments in data center initiatives and employee realignment.
Looking ahead, Meta’s CFO provided guidance for the first quarter of 2024, expecting total revenue to be in the range of $34.5-37 billion. The company anticipates full-year expenses between $94-99 billion, reflecting investments in infrastructure, payroll, and Reality Labs operating losses due to product development efforts in augmented reality/virtual reality.
Meta Platforms, Inc.’s financial performance in 2023 illustrates the company’s robust growth trajectory and its strategic focus on AI and the metaverse. By leveraging its technical expertise and innovative capabilities, Meta is well-positioned to lead in the evolving digital landscape, offering new opportunities for engagement and monetization. The initiation of a quarterly dividend signals confidence in sustained growth and profitability, setting a positive outlook for shareholders and the broader technology sector.