Facebook's parent firm Meta recorded a 55% drop in profits during the final quarter of 2022 - the result of a $4.2bn restructuring charge which led to thousands of job cuts
Platforms, which also includes WhatsApp and Instagram in its stable, said its net income profit measure slumped to $4.65bn between October and December.However, its quarterly revenue, ad revenue and Facebook's daily active user measures all beat market expectations.Shares, down by about 60% from their September 2021 peak at the market close, were up by more than 12% in after-hours trading.
They came in above Wall Street estimates, signalling a rebound in demand for digital ads after months of weak sales.Firms in the tech space suffered a rout in their market value last year as consumer and business spending became strained by high inflation and the wider economic slowdown.Meta, along with rivals, moved to bolster profitability through aggressive cost-cutting.in November after coming under pressure from investors following two consecutive quarters of falling revenue.
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