Tech giant Meta has reported a fourth-quarter revenue of $40.1 billion, beating the predicted $39.18 billion and up 25% YoY. Total costs and expenses were $23.7 billion and $88.1 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.

The company’s ad revenue surged 24% YoY, as it touched $38.7 billion in Q4 as compared to $31.2 billion during the same period last year. As compared to Q3, the ad revenue was up 15%.

In the fourth quarter of 2023, ad impressions delivered across Meta’s Family of Apps increased by 21% YoY and the average price per ad increased by 2% YoY. For the full year 2023, ad impressions increased by 28% YoY and the average price per ad decreased by 9% YoY.

Across Meta’s Family of Apps, Daily Active People (DAP) was 3.19 billion on average for December 2023, an increase of 8% YoY and Monthly Active People (MAP) was 3.98 billion as of December 31, 2023, an increase of 6% YoY.

Facebook daily active users were 2.11 billion on average for December 2023, an increase of 6% YoY and monthly active users (MAUs) were 3.07 billion as of December 31, 2023, an increase of 3% YoY.

"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."

The company also addressed the restructuring and layoffs that happened over the last two years and noted, “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.”

“We expect first quarter 2024 total revenue to be in the range of $34.5-37 billion and we expect full-year 2024 total expenses to be in the range of $94-99 billion, unchanged from our prior outlook,” the company’s CFO outlook said.

It also shared with the investors that the Federal Trade Commission is seeking to substantially modify its existing consent order and impose additional restrictions on its ability to operate. “We are contesting this matter, but if we are unsuccessful it would have an adverse impact on our business,” the company said.