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Meta Reports Fourth Quarter and Full Year 2023 Results; Initiates Quarterly Dividend

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Rhea-AI Summary
Meta Platforms, Inc. (Nasdaq: META) reported strong financial results for the fourth quarter and full year ended December 31, 2023. Revenue increased by 25% to $40.11 billion in the fourth quarter and by 16% to $134.90 billion for the full year. Net income surged by 201% to $14.02 billion in the fourth quarter and by 69% to $39.10 billion for the full year. The company also announced a quarterly cash dividend of $0.50 per share and a $50 billion increase in its share repurchase authorization. However, Meta expects higher expenses in 2024 due to infrastructure-related costs, payroll expenses, and increased capital expenditures.
Positive
  • Strong revenue growth of 25% to $40.11 billion in Q4 2023
  • Net income surged by 201% to $14.02 billion in Q4 2023
  • Quarterly cash dividend of $0.50 per share and $50 billion increase in share repurchase authorization
Negative
  • Expectation of higher expenses in 2024 due to infrastructure-related costs, payroll expenses, and increased capital expenditures

Insights

The reported growth in Meta Platforms, Inc.'s revenue and net income signifies a robust financial performance, particularly noting the 25% revenue increase in Q4 and 16% for the full year. This demonstrates the company's resilience and adaptability in monetizing its user base despite broader industry challenges such as privacy changes and competition. The expansion in operating margin from 20% to 41% in Q4 and from 25% to 35% for the full year is a strong indicator of improved operational efficiency, which is critical for investor confidence.

Meta’s user growth metrics, including the 8% year-over-year increase in Daily Active People (DAP) and 6% in Monthly Active People (MAP), suggest sustained platform engagement. This is a positive signal for advertisers, as it indicates a stable and potentially growing audience for ad placements. However, the slight decrease in the average price per ad year-over-year could be a concern if it suggests a need to lower prices to maintain ad sales volume.

The initiation of a quarterly cash dividend is a significant development, reflecting Meta's transition to a more mature company phase, prioritizing shareholder returns. This move could attract a new class of income-focused investors and potentially stabilize the stock price. The share repurchase activity, with an additional $50 billion authorization, underscores the management's belief in the company's intrinsic value and commitment to returning value to shareholders. This could be perceived as a positive signal regarding the company's future financial health.

However, investors should be mindful of the restructuring charges totaling $3.45 billion for the year, which are significant one-time costs that impact net income. While these costs are aimed at realigning the business, they also highlight the ongoing transformation within Meta, which includes a 22% reduction in headcount. The long-term impact of these changes on innovation and operational capacity remains to be seen.

The CFO's outlook commentary reveals concerns about the regulatory environment, especially with the Federal Trade Commission (FTC) seeking to modify Meta's consent order. The potential for increased regulatory headwinds in the EU and U.S. could have material impacts on the company's operations and financial results. Investors should consider the risks associated with heightened regulatory scrutiny, which could lead to increased legal costs, fines, or constraints on business practices. The ongoing litigation with the FTC, in particular, may have significant implications for Meta's operational freedom and could influence the company's strategic decisions.

MENLO PARK, Calif., Feb. 1, 2024 /PRNewswire/ -- Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter and full year ended December 31, 2023.

"We had a good quarter as our community and business continue to grow," said Mark Zuckerberg, Meta founder and CEO. "We've made a lot of progress on our vision for advancing AI and the metaverse." 

 

Fourth Quarter and Full Year 2023 Financial Highlights


Three Months Ended December 31,


 % Change


Twelve Months Ended December 31,


% Change

In millions, except percentages and per share amounts     

2023


2022



2023


2022


Revenue

$

40,111


$

32,165


25 %


$

134,902


$

116,609


16 %

Costs and expenses


23,727



25,766


(8) %



88,151



87,665


1 %

Income from operations

$

16,384


$

6,399


156 %


$

46,751


$

28,944


62 %

Operating margin


41 %



20 %





35 %



25 %



Provision for income taxes

$

2,791


$

1,497


86 %


$

8,330


$

5,619


48 %

Effective tax rate


17 %



24 %





18 %



19 %



Net income

$

14,017


$

4,652


201 %


$

39,098


$

23,200


69 %

Diluted earnings per share (EPS)

$

5.33


$

1.76


203 %


$

14.87


$

8.59


73 %

 

Fourth Quarter and Full Year 2023 Operational and Other Financial Highlights

  • Family daily active people (DAP) – DAP was 3.19 billion on average for December 2023, an increase of 8% year-over-year.
  • Family monthly active people (MAP) – MAP was 3.98 billion as of December 31, 2023, an increase of 6% year-over-year.
  • Facebook daily active users (DAUs) – DAUs were 2.11 billion on average for December 2023, an increase of 6% year-over-year.
  • Facebook monthly active users (MAUs) – MAUs were 3.07 billion as of December 31, 2023, an increase of 3% year-over-year.
  • Ad impressions and price per ad – In the fourth quarter of 2023, ad impressions delivered across our Family of Apps increased by 21% year-over-year and the average price per ad increased by 2% year-over-year. For the full year 2023, ad impressions increased by 28% year-over-year and the average price per ad decreased by 9% year-over-year.
  • Revenue – Revenue was $40.11 billion and $134.90 billion, an increase of 25% and 16% year-over-year for the fourth quarter and full year 2023, respectively. Had foreign exchange rates remained constant with the same periods of 2022, revenue would have been $816 million and $374 million lower, an increase of 22% and 15% on a constant currency basis for the fourth quarter and full year 2023, respectively.
  • Costs and expenses – Total costs and expenses were $23.73 billion and $88.15 billion for the fourth quarter and full year 2023, a decrease of 8% and an increase of 1% year-over-year, respectively. Restructuring charges included in costs and expenses were $1.15 billion and $3.45 billion for the fourth quarter and full year 2023, respectively.
  • Capital expenditures – Capital expenditures, including principal payments on finance leases, were $7.90 billion and $28.10 billion for the fourth quarter and full year 2023, respectively.
  • Share repurchases – We repurchased $6.32 billion and $20.03 billion of our Class A common stock in the fourth quarter and full year 2023, respectively. As of December 31, 2023, we had $30.93 billion available and authorized for repurchases. We also announced a $50 billion increase in our share repurchase authorization today.
  • Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $65.40 billion as of December 31, 2023. Free cash flow was $11.50 billion and $43.01 billion for the fourth quarter and full year 2023, respectively.
  • Long-term debt – Long-term debt was $18.39 billion as of December 31, 2023.
  • Headcount – Headcount was 67,317 as of December 31, 2023, a decrease of 22% year-over-year.

Meta Initiates Quarterly Dividend

Today, Meta's board of directors declared a cash dividend of $0.50 per share of our outstanding common stock (including both Class A common stock and Class B common stock), payable on March 26, 2024 to stockholders of record as of the close of business on February 22, 2024. We intend to pay a cash dividend on a quarterly basis going forward, subject to market conditions and approval by our board of directors.

Restructuring

Beginning in 2022, we initiated several measures to pursue greater efficiency and to realign our business and strategic priorities. As of December 31, 2023, we have completed the data center initiatives and the employee layoffs, and substantially completed the facilities consolidation initiatives.

A summary of our restructuring charges, including subsequent adjustments, for the three and twelve months ended December 31, 2023 by major activity type is as follows (in millions):


Three Months Ended December 31, 2023


Twelve Months Ended December 31, 2023



Facilities
Consolidation


Severance
and Other
Personnel
Costs


Data Center
Assets


Total 


Facilities
Consolidation


Severance
and Other
Personnel
Costs


Data Center
Assets


Total 


Cost of revenue

$                 86


$              —


$                7


$              93


$               177


$               —


$          (224)


$             (47)


Research and development

710


28



738


1,581


413



1,994


Marketing and sales

162


16



178


396


307



703


General and administrative     

142


(3)



139


352


450



802


Total

$            1,100


$              41


$                7


$         1,148


$            2,506


$          1,170


$          (224)


$         3,452


During the three and twelve months ended December 31, 2022, we recorded total restructuring charges of $4.20 billion and $4.61 billion, respectively.

CFO Outlook Commentary

We expect first quarter 2024 total revenue to be in the range of $34.5-37 billion. Our guidance assumes foreign currency is neutral to year-over-year total revenue growth, based on current exchange rates.

We expect full-year 2024 total expenses to be in the range of $94-99 billion, unchanged from our prior outlook. We continue to expect a few factors to be drivers of total expense growth in 2024:

  • First, we expect higher infrastructure-related costs this year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint.

  • Second, we anticipate growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024, which we expect will further shift our workforce composition toward higher-cost technical roles. 

  • Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem.

We anticipate our full-year 2024 capital expenditures will be in the range of $30-37 billion, a $2 billion increase of the high end of our prior range. We expect growth will be driven by investments in servers, including both AI and non-AI hardware, and data centers as we ramp up construction on sites with our previously announced new data center architecture. Our updated outlook reflects our evolving understanding of our artificial intelligence (AI) capacity demands as we anticipate what we may need for the next generations of foundational research and product development. While we are not providing guidance for years beyond 2024, we expect our ambitious long-term AI research and product development efforts will require growing infrastructure investments beyond this year.

Absent any changes to U.S. tax law, we expect our full-year 2024 tax rate to be in the mid-teens.

In addition, we continue to monitor the active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results. Of note, the Federal Trade Commission is seeking to substantially modify our existing consent order and impose additional restrictions on our ability to operate. We are contesting this matter, but if we are unsuccessful it would have an adverse impact on our business.

This was a pivotal year for our company. We increased our operating discipline, delivered strong execution across our product priorities, and improved advertising performance for the businesses who rely on our services. We will look to build on our progress in each of those areas in 2024 while advancing our ambitious, longer-term efforts in AI and Reality Labs.

Webcast and Conference Call Information

Meta will host a conference call to discuss the results at 1:30 p.m. PT / 4:30 p.m. ET today. The live webcast of Meta's earnings conference call can be accessed at investor.fb.com, along with the earnings press release, financial tables, and slide presentation. Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg's Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Following the call, a replay will be available at the same website. A telephonic replay will be available for one week following the conference call at +1 (800) 770-2030 or +1 (647) 362-9199, conference ID 8032328.

Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

Contacts

Investors:
Kenneth Dorell
investor@meta.com / investor.fb.com

Press:
Ryan Moore
press@meta.com / about.fb.com/news/

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content review efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on October 26, 2023, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2023. In addition, please note that the date of this press release is February 1, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled "Limitations of Key Metrics and Other Data" in our most recent quarterly or annual report filed with the SEC.

Non-GAAP Financial Measures 

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

We exclude the following items from our non-GAAP financial measures:

Foreign exchange effect on revenue. We translated revenue for the three months and full year ended December 31, 2023 using the prior year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the "Reconciliation of GAAP to Non-GAAP Results" table in this press release.

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

(Unaudited)




Three Months Ended December 31,


Twelve Months Ended December 31,



2023


2022


2023


2022


Revenue

$            40,111


$            32,165


$          134,902


$          116,609


Costs and expenses:









Cost of revenue

7,695


8,336


25,959


25,249


Research and development

10,517


9,771


38,483


35,338


Marketing and sales

3,226


4,574


12,301


15,262


General and administrative

2,289


3,085


11,408


11,816


Total costs and expenses

23,727


25,766


88,151


87,665


Income from operations

16,384


6,399


46,751


28,944


Interest and other income (expense), net

424


(250)


677


(125)


Income before provision for income taxes

16,808


6,149


47,428


28,819


Provision for income taxes

2,791


1,497


8,330


5,619


Net income

$            14,017


$              4,652


$            39,098


$            23,200


Earnings per share attributable to Class A and Class B 
common stockholders:









Basic

$                5.46


$                1.76


$              15.19


$                8.63


Diluted

$                5.33


$                1.76


$              14.87


$                8.59


Weighted-average shares used to compute earnings per                                     
share attributable to Class A and Class B common               
stockholders:  









Basic

2,566


2,638


2,574


2,687


Diluted

2,630


2,640


2,629


2,702


 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)


December 31, 2023


December 31, 2022


Assets





Current assets:





Cash and cash equivalents

$                  41,862


$                  14,681


Marketable securities

23,541


26,057


Accounts receivable, net

16,169


13,466


Prepaid expenses and other current assets

3,793


5,345


Total current assets

85,365


59,549


Non-marketable equity securities

6,141


6,201


Property and equipment, net

96,587


79,518


Operating lease right-of-use assets

13,294


12,673


Intangible assets, net

788


897


Goodwill

20,654


20,306


Other assets

6,794


6,583


Total assets

$                229,623


$                185,727







Liabilities and stockholders' equity





Current liabilities:





Accounts payable

$                    4,849


$                    4,990


Partners payable

863


1,117


Operating lease liabilities, current

1,623


1,367


Accrued expenses and other current liabilities                                                                                                                  

24,625


19,552


Total current liabilities

31,960


27,026


Operating lease liabilities, non-current

17,226


15,301


Long-term debt

18,385


9,923


Other liabilities

8,884


7,764


Total liabilities

76,455


60,014


Commitments and contingencies





Stockholders' equity:





Common stock and additional paid-in capital

73,253


64,444


Accumulated other comprehensive loss

(2,155)


(3,530)


Retained earnings

82,070


64,799


Total stockholders' equity

153,168


125,713


Total liabilities and stockholders' equity

$                229,623


$                185,727


 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


Three Months Ended
December 31,


Twelve Months Ended
December 31,



2023


2022


2023


2022


Cash flows from operating activities









Net income

$      14,017


$         4,652


$      39,098


$      23,200


Adjustments to reconcile net income to net cash provided by 
operating activities:









Depreciation and amortization

3,172


2,376


11,178


8,686


Share-based compensation

3,424


3,008


14,027


11,992


Deferred income taxes

(1,161)


(1,173)


131


(3,286)


Impairment charges for facilities consolidation, net

1,091


1,805


2,432


2,218


Data center assets abandonment

7


1,341


(224)


1,341


Other

124


572


635


641


Changes in assets and liabilities:









Accounts receivable

(2,843)


(1,698)


(2,399)


231


Prepaid expenses and other current assets

700


854


559


162


Other assets

(111)


54


(80)


(106)


Accounts payable

595


876


51


210


Partners payable

76


102


(271)


90


Accrued expenses and other current liabilities

(350)


1,303


5,352


4,210


Other liabilities

663


439


624


886


Net cash provided by operating activities

19,404


14,511


71,113


50,475


Cash flows from investing activities









Purchases of property and equipment

(7,665)


(9,043)


(27,266)


(31,431)


Proceeds relating to property and equipment

73


55


221


245


Purchases of marketable debt securities

(1,171)


(741)


(2,982)


(9,626)


Sales and maturities of marketable debt securities

2,359


2,263


6,184


13,158


Acquisitions of businesses and intangible assets

(64)


(62)


(629)


(1,312)


Other investing activities

(4)


(3)


(23)


(4)


Net cash used in investing activities

(6,472)


(7,531)


(24,495)


(28,970)


Cash flows from financing activities









Taxes paid related to net share settlement of equity awards

(2,223)


(656)


(7,012)


(3,595)


Repurchases of Class A common stock

(5,942)


(6,863)


(19,774)


(27,956)


Proceeds from issuance of long-term debt, net



8,455


9,921


Principal payments on finance leases

(307)


(235)


(1,058)


(850)


Other financing activities

71


695


(111)


344


Net cash used in financing activities

(8,401)


(7,059)


(19,500)


(22,136)


Effect of exchange rate changes on cash, cash equivalents, and restricted cash                                    

396


424


113


(638)


Net increase (decrease) in cash, cash equivalents, and restricted cash

4,927


345


27,231


(1,269)


Cash, cash equivalents, and restricted cash at beginning of the period

37,900


15,251


15,596


16,865


Cash, cash equivalents, and restricted cash at end of the period

$      42,827


$      15,596


$      42,827


$      15,596











Reconciliation of cash, cash equivalents, and restricted cash to the
consolidated balance sheets 









Cash and cash equivalents

$      41,862


$      14,681


$      41,862


$      14,681


Restricted cash, included in prepaid expenses and other current assets

99


294


99


294


Restricted cash, included in other assets

866


621


866


621


Total cash, cash equivalents, and restricted cash

$      42,827


$      15,596


$      42,827


$      15,596


 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


Three Months Ended
December 31,


Twelve Months Ended
December 31,



2023


2022


2023


2022


Supplemental cash flow data









Cash paid for income taxes, net

$         4,591


$         1,760


$         6,607


$         6,407


Cash paid for interest, net of amounts capitalized

$            146


$              —


$            448


$              —


Non-cash investing and financing activities:









Property and equipment in accounts payable and accrued expenses and other current liabilities      

$         4,105


$         3,319


$         4,105


$         3,319


Acquisition of businesses in accrued expenses and other current liabilities and other liabilities

$            119


$            291


$            119


$            291


Repurchases of Class A common stock in accrued expenses and other current liabilities

$            474


$            310


$            474


$            310


Segment Results

We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes augmented, mixed, and virtual reality related consumer hardware, software, and content.

The following table presents our segment information of revenue and income (loss) from operations:

Segment Information

(In millions)

(Unaudited)


Three Months Ended December 31,


Twelve Months Ended December 31,



2023


2022


2023


2022


Revenue:









Advertising

$           38,706


$            31,254


$          131,948


$         113,642


Other revenue

334


184


1,058


808


Family of Apps

39,040


31,438


133,006


114,450


Reality Labs

1,071


727


1,896


2,159


Total revenue

$           40,111


$            32,165


$          134,902


$         116,609











Income (loss) from operations:









Family of Apps

$           21,030


$            10,678


$            62,871


$           42,661


Reality Labs

(4,646)


(4,279)


(16,120)


(13,717)


Total income from operations                                                                               

$           16,384


$              6,399


$            46,751


$           28,944





Reconciliation of GAAP to Non-GAAP Results

(In millions, except percentages)

(Unaudited)


Three Months Ended
December 31,


Twelve Months Ended
December 31,



2023


2022


2023


2022


GAAP revenue

$           40,111


$            32,165


$           134,902


$          116,609


Foreign exchange effect on 2023 revenue using 2022 rates

(816)




(374)




Revenue excluding foreign exchange effect

$           39,295




$           134,528




GAAP revenue year-over-year change %

25 %




16 %




Revenue excluding foreign exchange effect year-over-year change %

22 %




15 %




GAAP advertising revenue

$           38,706


$            31,254


$           131,948


$          113,642


Foreign exchange effect on 2023 advertising revenue using 2022 rates          

(809)




(379)




Advertising revenue excluding foreign exchange effect

$           37,897




$           131,569




GAAP advertising revenue year-over-year change %

24 %




16 %




Advertising revenue excluding foreign exchange effect year-over-year change %      

21 %




16 %













Net cash provided by operating activities

$           19,404


$            14,511


$             71,113


$            50,475


Purchases of property and equipment, net

(7,592)


(8,988)


(27,045)


(31,186)


Principal payments on finance leases

(307)


(235)


(1,058)


(850)


Free cash flow

$           11,505


$              5,288


$             43,010


$            18,439


 

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/meta-reports-fourth-quarter-and-full-year-2023-results-initiates-quarterly-dividend-302051285.html

SOURCE Meta

FAQ

What was Meta's revenue in the fourth quarter of 2023?

Meta's revenue in the fourth quarter of 2023 was $40.11 billion, representing a 25% increase year-over-year.

What was Meta's net income in the fourth quarter of 2023?

Meta's net income in the fourth quarter of 2023 surged by 201% to $14.02 billion.

What is the quarterly cash dividend announced by Meta?

Meta announced a cash dividend of $0.50 per share of its outstanding common stock.

What is the increase in Meta's share repurchase authorization?

Meta announced a $50 billion increase in its share repurchase authorization.

What expenses are expected to increase in 2024 for Meta?

Meta expects higher expenses in 2024 due to infrastructure-related costs, payroll expenses, and increased capital expenditures.

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