Facebook popularity boosted after a quarter of the world's population uses the App
In December, a quarter of the world's population used Facebook daily, which boosted company morale as it had been facing challenges with rising costs and falling advertising revenue.
Shares of parent company Meta, which also owns Instagram and WhatsApp, rose by more than 15% in after-hours trade as CEO Mark Zuckerberg declared 2023 to be the "year of efficiency" with a focus on cost reduction.
Despite a 4% YoY decrease in revenue ($32.2 billion) in Q4 of 2022, the result was better than expected and showed improvement from the first-ever decline in daily Facebook users in its history.
The company saw a 5% increase in the number of people active across all its apps each day and reported progress with its video product, Reels.
Investors were optimistic about the company's outlook for lower costs and stronger sales, which led to a surge in shares, along with the announcement of a $40 billion buyback of shares.
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