Meta last night said it was closing in on one of its best years yet with a jump in revenue as the multinational tech giant continues its “longer-term” push into AI and virtual reality.
In a quarterly and full year update to investors, the Facebook owner reported an overall 16 per cent jump in revenue for the year to $134.9bn, as well as announcing a dividend for the first time.
A 25 per cent jump to $39.1bn was for the fourth quarter were in line with analysts’ previous predictions, compared to just over $34bn the previous quarter.
Shares jumped double digits in after-hours trading.
“We had a good quarter as our community and business continue to grow,” Mark Zuckerberg, Meta founder and chief executive said.
“We’ve made a lot of progress on our vision for advancing AI and the metaverse.”
Meta’s AI ideas include improving user experience with language translation and improved Instagram effects.
The company said it was a “pivotal year” as it improved its advertising performance, something analysts expected to remain a key source of income for the Facebook owner, despite its warning of lower demand in the final quarter of 2023.