Meta Platforms Inc. tripled its profit and posted sharply higher revenue in the final quarter of 2023, boosted by a rebound in digital advertising as well cost cutting and layoffs in what CEO Mark Zuckerberg called the "year of efficiency."
"The company can talk all it wants to about AI and the metaverse, but it's still a social media company that gets nearly all its revenue from advertising, and advertisers still clearly love Meta," said longtime tech analyst Debra Aho Williamson.
The Menlo Park, California-based company said Thursday that it earned US$14 billion, or US$5.33 per share, in the October-December period. That's up from US$4.65 billion, or US$1.76 per share, a year earlier.
Revenue grew 25% to US$40.11 billion from US$32.17 billion.
Analysts, on average, were expecting earnings of US$4.82 per share on revenue US$39.1 billion, according to FactSet Research.
"This was a pivotal year for our company. We increased our operating discipline, delivered strong execution across our product priorities, and improved advertising performance for the businesses who rely on our services," Meta said in a statement.
Meta also grew the user base on its apps, with monthly active users on its family of apps -- Facebook, Instagram, Messenger and WhatsApp -- reaching 3.98 billion as of the end of the year, up 6% from 2022.
Facebook had 3.07 billion monthly active users as of Dec. 31, an increase of 3% year-over year. The company does not break out the user base of its other platforms.
The blowout results come a day after Zuckerberg testified before the Senate along with other social media CEOs about the dangers their platforms pose to children.
For the current quarter, Meta is forecasting revenue of of US$34.5 billion to US$37 billion, above Wall Street's expectations. Analysts are projecting revenue of US$33.9 billion for the first quarter.
The company said it had 67,317 employees as of December 31, 2023, a decrease of 22% year-over-year after it laid off thousands to cut expenses.
Meta also initiated a quarterly dividend to its shareholders. It said it will pay 50 cents per share on March 26 to shareholders of record as of Feb. 22. It said it plans to pay a quarterly dividend going forward.
Meta's shares jumped US$45.37, or 11.5%, to US$440.15 in after-hours trading. The stock had closed at US$394.78, up 1.2%.
Michael Cohen testified Monday that he stole tens of thousands of dollars from his ex-boss Donald Trump’s company, an admission defence lawyers hope to use to undermine Cohen’s credibility.
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
The Edmonton Oilers weathered a late Vancouver Canucks charge on Monday night, beating the hosts 3-2 to win their seven-game second-round playoff series in the decisive showdown.
McGill University has denounced a pro-Palestinian protest held Sunday outside the home of one of its senior administrators.
U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.
Katy Perry said her goodbyes on 'American Idol' after seven seasons. On Sunday night’s live 'idol' season finale, a medley of Perry's hit songs were performed, including 'Teenage Dream,' 'Dark Horse' and 'California Gurls.'
Microsoft wants laptop users to get so comfortable with its artificial intelligence chatbot that it will remember everything you're doing on your computer and help figure out what you want to do next.
A federal judge will reopen the sentencing hearing for the man who broke into Nancy Pelosi's San Francisco home and bludgeoned her husband with a hammer after the judge failed to allow him to speak during his court appearance last week.
It was an unusual morning for Regina's Fire and Protective Services (RFPS) — a fire rescue team was called in to assist after a man became trapped in the bucket of a garbage truck.
McGill University has denounced a pro-Palestinian protest held Sunday outside the home of one of its senior administrators.
A 35-year-old woman is in critical condition after the pick-up truck she was driving was struck by a Via Rail passenger train Monday morning in Quebec's Monteregie region.
Former investors of the self-styled “Crypto King” say they are watching his social media accounts and worried his displays of wealth are signs he’s spending their money, even now, as another large expense tied to Aiden Pleterski has triggered a previously unreported lawsuit.
For those who go to their local libraries often, they know there’s much more to their library than just borrowing books. Local libraries in Atlantic Canada are now renting out a broader range of items for people.
The U.S. Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanamo detainee who was seeking to wipe away his war crimes convictions, including for killing a U.S. soldier in Afghanistan.
A federal judge will reopen the sentencing hearing for the man who broke into Nancy Pelosi's San Francisco home and bludgeoned her husband with a hammer after the judge failed to allow him to speak during his court appearance last week.
Michael Cohen testified Monday that he stole tens of thousands of dollars from his ex-boss Donald Trump’s company, an admission defence lawyers hope to use to undermine Cohen’s credibility.
Fast-moving storms with strong winds, large hail and apparent tornadoes swept Oklahoma and Kansas, while Houston made progress in recovering from last week's deadly storms.
The chief prosecutor of the world's top war crimes court sought arrest warrants Monday for leaders of Israel and Hamas, including Israeli Prime Minister Benjamin Netanyahu, over actions taken during their seven-month war.
A video link between New York City and Dublin that was shut down due to inappropriate behaviour on both sides of the Atlantic has reopened with new security measures.
Former South African president Jacob Zuma was disqualified Monday from running for a Parliament seat in next week's national election because of a previous criminal conviction.
The federal government is launching what it calls its 'national action plan' to combat auto thefts, which will include stronger penalties for thieves, and increased information sharing between police agencies, government officials and border enforcement.
When MPs file back in to the House of Commons on Tuesday, it will be for the final five-week parliamentary push before hitting the barbecue circuit. Looking ahead to what could be a raucous rush to the summer hiatus, CTVNews.ca spoke with top House representatives to get a sense of what's atop their priority list.
Industry Minister Francois-Philippe Champagne says it's 'untenable' for 'smaller players' like Walmart and Costco to delay signing on to the government- and industry-led grocery code of conduct, now that industry giant Loblaw has agreed to do so.
A new study has linked the legalization of cannabis with a rise in the number of Ontario seniors visiting emergency rooms.
British authorities and the country's public health service knowingly exposed tens of thousands of patients to deadly infections through contaminated blood and blood products, and hid the truth about the disaster for decades, an inquiry into the U.K.'s infected blood scandal found Monday.
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
OpenAI says it plans to halt the use of one of its ChatGPT voices after some users said it sounded like Scarlett Johansson, who famously voiced a fictional, and at the time futuristic, AI assistant in the 2013 film 'Her.'
Microsoft wants laptop users to get so comfortable with its artificial intelligence chatbot that it will remember everything you're doing on your computer and help figure out what you want to do next.
A two-story building burned to the ground more than 2,000 years ago in the Pyrenees mountains of northeastern Iberia in Spain. The inferno consumed the wooden structure, situated in an Iron Age settlement, killing six animals penned in the stable.
Katy Perry said her goodbyes on 'American Idol' after seven seasons. On Sunday night’s live 'idol' season finale, a medley of Perry's hit songs were performed, including 'Teenage Dream,' 'Dark Horse' and 'California Gurls.'
A month before Kevin Costner puts the first instalment of his multi-chapter western 'Horizon: An American Saga' into theatres, the actor-director came to the Cannes Film Festival to unveil his self-financed passion project.
As Saudi Arabia liberalizes some aspects of its society Seera, an all-women psychedelic rock band that blends traditional Arabic melodies with the resurgent psychedelia of bands like Tame Impala, represents the way women now are finding their voice and expressing themselves through the arts in a nation long associated with ultraconservative Islam and the strict separation of the sexes.
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.
An international aerospace company is using North Bay, Ont.’s airport as a testing centre this month.
Around 15,000 people passed through Red River Exhibition Park this weekend to mark the 19th annual Manito Ahbee Festival celebrating Indigenous culture and heritage.
Those who want to climb one of the most popular trails of the iconic Japanese Mount Fuji will now have to reserve ahead and pay a fee as the picturesque stratovolcano struggles with overtourism, littering and those who attempt rushed 'bullet climbing,' putting lives at risk.
Italy has dozens of secret smaller lakes that boast superb scenery, unknown to mass tourism, where locals get together on day trips and enjoy picnics.
The Edmonton Oilers weathered a late Vancouver Canucks charge on Monday night, beating the hosts 3-2 to win their seven-game second-round playoff series in the decisive showdown.
Danny Jansen had a three-hit, five-RBI outing that included a two-run, seventh-inning homer in the Blue Jays 9-3 win against the Chicago White Sox 9-3 in the three-game series opener on Monday.
Questions about how the team is going to handle the absence of star winger Brock Boeser from a do-or-die game seven dominated pre-game interviews with the Vancouver Canucks coach and players Monday morning.
Almost everyone is guilty of distracted driving at one point and time, but according to a report from Transport Canada using their most recent data from 2021, 25 per cent of fatal crashes involve speeding, while another 20 per cent involve distracted driving.
Industry Minister François-Philippe Champagne says federal opposition parties should be 'celebrating' the recently announced electric vehicle deals, despite their criticisms the Liberals refuse to make public the terms and conditions laid out in the contracts.
It’s a good time to be in the market for a used Tesla.
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.
2b Theatre recently moved into the old Video Difference building, seeking to transform it into an artistic hub, meeting space, and temporary housing unit for visiting performers in Halifax.
A B.C. woman says her service dog pulled her from a lake moments before she had a seizure, saving her life.
A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
ALS patient Mathew Brown said he’s hopeful for future ALS patients after news this week of research at Western University of a potential cure for ALS.
When Adam Kirschner wrote 'Slap Shot,' he never imagined the song would be embraced by his favourite team.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A 3-2 defeat by the Edmonton Oilers Monday night ended the playoff run for the Vancouver Canucks.
Two people were transported to hospital Monday, including one in an air ambulance, after a serious crash closed the Sea-to-Sky Highway in both directions.
Mounties in southeastern British Columbia are searching for the occupants of a vehicle that allegedly fled from police after a reported "firearms incident" on Monday.
Former investors of the self-styled “Crypto King” say they are watching his social media accounts and worried his displays of wealth are signs he’s spending their money, even now, as another large expense tied to Aiden Pleterski has triggered a previously unreported lawsuit.
A man has been taken to the hospital in serious condition after being stabbed in Scarborough on Monday night, say Toronto paramedics.
A woman is dead and a suspect is outstanding after a stabbing at a Mississauga hotel on Monday morning, police say.
Inflation does not appear to exist at Dane's Lemonade Stand. "No, it does not," Dane Benesh said. Monday, in Copperfield, a tall glass of his lemonade cost the same $1 it did when he started in 2018.
The United Conservative Party says it has gathered a panel of medical experts for a town hall meeting next month that's expected to discuss the safety of COVID-19 vaccines in children.
The goal at Calgary's Genesis Centre on Monday was to make sure every single kid who walked through the doors felt included.
Thousands came out for the final day of the Canadian Tulip Festival on Victoria Day
The St. Laurent LRT station will remain closed until at least Wednesday as OC Transpo continues to repair and inspect damaged ceiling tiles and concrete above both rail platforms.
Stittsville residents on Kearnsley Way are seeking answers after an unusual bylaw crackdown on Friday. Every home with a basketball net received a ticket instructing homeowners to remove their nets from the road.
McGill University has denounced a pro-Palestinian protest held Sunday outside the home of one of its senior administrators.
A two-year-old child was found unconscious in a residential swimming pool in the municipality of Saint-Apollinaire, in Quebec's Chaudière-Appalaches region, around noon on Monday, Quebec provincial police say.
A jury has found a 21-year-old man guilty of second-degree murder in the stabbing death of Montreal teenager Jannai Dopwell-Bailey outside his school in 2021.
The Edmonton Oilers weathered a late Vancouver Canucks charge on Monday night, beating the hosts 3-2 to win their seven-game second-round playoff series in the decisive showdown.
A wildfire that forced thousands of people to evacuate several Fort McMurray neighbourhoods last week is no longer classified as out-of-control.
Kevin Kossowan isn't going to the grocery store to find ingredients for dinner. Instead, he's searching for them in the wild in places such forested land he owns north of Rochester, Alta.
Police have charged a man with multiple firearm-related offences after an incident outside a pharmacy in Meteghan, N.S., last week.
New Glasgow Regional Police have arrested a man after receiving reports of someone with a knife at a business on Westville Road in New Glasgow, N.S., on Saturday.
Thousands flocked to Saint John’s Waterfront Container Village over the May long weekend to see what’s new at the popular uptown location.
Premier Wab Kinew announced Monday a byelection will be held in Tuxedo on June 18.
Winnipeg police is investigating after a woman was hit by a vehicle and later died from her injuries Sunday.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Close to 200 people showed up at the Muskowekwan Bingo Hall on Monday to address the weekly drug-related deaths casting a shadow on their communities.
There's bound to be many new faces in the province's legislature later this year. Nearly half of Saskatchewan Party members elected in 2020 will not be representing the party on the ballot this fall.
The Regina Police Service (RPS) has released very few details surrounding a shooting involving the service's Special Weapons and Tactics Team (SWAT).
A 56-year-old has been airlifted to hospital with serious injuries after live ammunition exploded in a fire in Haldimand County, Ont.
A police investigation is underway after a jewellery store at Fairview Park Mall in Kitchener was robbed.
Waterloo Regional Police are looking to identify a person in connection to a weekend shooting in Waterloo.
Canada’s weather service has issued an advisory about the potential of funnel clouds forming over the City of Saskatoon.
A Saskatchewan man who had a sexual encounter with a 15-year-old girl he met on Tinder successfully appealed to shorten release conditions barring him from online dating.
The Sikh culture in Saskatoon is growing, and the massive turnout at the Nagar Kirtan parade on Sunday put the strength of their community on full display, as thousands walked up a span of Attridge Drive.
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
East Algoma Ontario Provincial Police have charged one person in Elliot Lake in connection with an ongoing neighbour dispute.
A 33-year-old from Espanola was killed Sunday following a collision between a motorcycle and a passenger vehicle on Highway 144.
A busy section of Dashwood Road/Highway 83 in South Huron has reopened following a crash on Monday. Crews were called to the scene near Goshen Line around 4 p.m. for what was described as a "serious collision" between as pickup truck and a motorcycle.
A small memorial service held in front of London City Hall Monday intended to send a message to politicians, the plans to solve the homeless crisis need to move more quickly.
An ATV driver has been taken to hospital with serious injuries after colliding with a dirt bike in South Bruce.
The weather warning for severe thunderstorms has been lifted in Simcoe Muskoka.
A new cenotaph was unveiled in Warminster on Sunday.
A 19-year-old driver was caught driving double the posted speed limit in Innisfil on Sunday.
Windsor police officers are investigating after multiple shots were fired at a vehicle on Erie Street.
Chatham-Kent police are looking for suspects after liquor and electronics were stolen from a local business.
Windsor police are warning the public about cryptocurrency scams in the community.
The mayor of the Northern Rockies Regional Municipality in British Columbia says drones are endangering helicopters being used to fight wildfires near Fort Nelson, which was ordered evacuated earlier this month.
Two people were transported to hospital Monday, including one in an air ambulance, after a serious crash closed the Sea-to-Sky Highway in both directions.
Questions about how the team is going to handle the absence of star winger Brock Boeser from a do-or-die game seven dominated pre-game interviews with the Vancouver Canucks coach and players Monday morning.
One person is dead after a fight in Penticton early Sunday morning, according to authorities.
A suspect is at large after robbing a convenience store at gunpoint in Merritt, B.C., Friday, according to local police.
After four targeted shootings in four days, Mounties in Kamloops are taking the unusual step of warning the public about two men they believe are likely to be targeted in future violent incidents.
With just over two minutes remaining in the first overtime, Mirko Buttazzoni scored to give the Bandits a 4-3 victory over the Sherwood Park Crusaders Saturday in Brooks.
The Sherwood Park Crusaders got some great goaltending from Erick Roest Friday night on the way to a 4-3 victory over the Brooks Bandits.
The average home price in Lethbridge has jumped 11.6 per cent in the last year. A home in Lethbridge now costs just over $374,000 on average. That's according to the latest data from the Alberta Real Estate Association.
A man with a history of dangerous behaviour has been charged with pulling the fire alarm at the hospital in Elliot Lake.
East Algoma Ontario Provincial Police have charged one person in Elliot Lake in connection with an ongoing neighbour dispute.
A 24-year-old in Sault Ste. Marie has been charged following a bizarre incident in which the suspect got themselves in trouble when police were in the area for another call.
79-year-old Madonna Wilkinson has been playing the accordion since she was 15, when she picked one up that had been left behind at one of her parents' rollicking parties in the oceanside town about 25 kilometres north of St. John's, N.L. She has played Sunday masses and St. Patrick's Day parties, and community events of all kinds.
Canada's new $10-a-day child care program is expanding, but there's growing evidence that demand for the program is rising even faster, leaving many parents on the outside looking in.
A new study shows an Atlantic salmon population in southern Newfoundland is disappearing, and it says nearby aquaculture operations are a likely contributor to the decline.
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