Meta posts sharp profit, revenue increase in Q4 thanks to cost cuts and advertising rebound

By BARBARA ORTUTAY
AP Technology Writer

Meta Platforms Inc. tripled its profit and posted sharply higher revenue in the final quarter of 2023, boosted by a rebound in digital advertising as well cost cutting and layoffs in what CEO Mark Zuckerberg called the “year of efficiency.” The Menlo Park, California-based company said Thursday that it earned $14 billion, or $5.33 per share, in the October-December period. That’s up from $4.65 billion, or $1.76 per share, a year earlier. Revenue grew 25% to $40.11 billion from $32.17 billion, above Wall Street’s expectations.