Meta posts lower Q4 profit, announces huge stock buyback

By BARBARA ORTUTAY
AP Technology Writer

SAN FRANCISCO (AP) — Facebook parent company Meta has posted another quarter of declining revenue, hurt by a downturn in the online advertising market and competition from rivals such as TikTok. But the company’s stock soared in extended trading, as its revenue beat Wall Street’s muted expectations and the Menlo Park, California-based company announced a $40 billion stock buyback. Meta Platforms Inc. said Wednesday it earned $4.65 billion, or $1.76 per share, in the final three months of 2022. That’s down 55% from $10.29 billion, or $3.67 per share, a year earlier. According to a poll by FactSet, analysts were expecting earnings of $2.26 per share. Revenue fell 4% to $32.17 billion from $33.67 billion. Analysts were expecting $31.55 billion.