Meta's ad revenue surged 24 percent YoY; touches $38.7 bn in Q4

Meta has reported a fourth-quarter revenue of $40.1 billion. Total costs and expenses were $23.7 billion and $88.1 billion for the fourth quarter and full year 2023, a decrease of 8 percent and an increase of 1 percent 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, as per reports.

The company’s ad revenue increased by 24 percent YoY and touched $38.7 billion in Q4 as compared to $31.2 billion during the same period last year.

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

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

Addressing the restructuring and layoffs that happened over the last two years Meta said, “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.