In the fourth quarter, costs and expenses increased 22% year-over-year to $25.77 billion, of which $4.2 billion were restructuring-related charges.
“Our management motto for 2023 is the ‘year of efficiency’ and we are focused on becoming a stronger and more agile organization”Zuckerberg declared.
Goal Balance
Meta Platforms estimates that fiscal year expenses will be in the range of $89-95 billion, down from the previous range of $94-100 billion.
Meta Platforms announced revenue of $32.17 billion for the fourth quarter, above Wall Street estimates of $31.53 billion.
Zuckerberg now ranks fifth thanks to year-to-date earnings, behind Elon Musk, bernard arnault, Jeff Bezosand Changpeng Zhaoaccording to the Bloomberg Billionaires Index.
In December 2022, Zuckerberg suffered one of the biggest drops in wealth on record (a drop of $80.7 billion), after the stock price plummeted.
The stock plunge came after the company reported mixed quarterly figures in October. However, at the time, the CIA whistleblower, Edward Snowdenpointed out that Zuckerberg’s situation would be very different in five years’ time.
Source: Ambito
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