Zuckerberg’s grandiose plans - concerns he has largely ignored. But given the high spending and difficult economic climate, analysts have raised concerns about the viability of Mr. Zuckerberg was putting up steady, reliable growth quarter after quarter. Zuckerberg’s longtime confidant and Meta’s chief technology officer, Andrew Bosworth, better known as Boz. ![]() That work is being done at the company’s Reality Labs division, which is run by Mr. He is pursuing his vision of the metaverse, a next-generation version of the internet he believes will connect different worlds, from augmented and virtual reality to different kinds of gaming worlds and other experiences. Zuckerberg’s largest problem with shareholders is of his own making. Meta also continues to feel the squeeze of Apple, which in recent years has put in place a series of privacy changes to its iOS software, hamstringing Facebook and Instagram’s ad-targeting abilities and causing the company to hemorrhage cash. ![]() Still, Facebook’s new users rose 4 percent in the fourth quarter, surpassing two billion daily active users for the app for the first time. Zuckerberg considers TikTok one of his most formidable opponents. After 18-plus years of rocket-ship growth of user and revenue, the company runs the risk of churning through its longtime users as they depart for greener pastures found in newer apps like TikTok, the short-form video app. Macroeconomic issues aside, Meta faces acute challenges. War in Eastern Europe has also heightened uncertainty in the global economy. Like other tech companies, the social network has been battered by a difficult economic climate, as inflation and interest rates have risen, causing marketers to rein in spending on digital advertising. The results follow several quarters of slowing growth and a first-ever revenue decline last summer as Meta’s woes mounted. Meta’s stock surged more than 19 percent in after-hours trading. “Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Mr. And it authorized a further $40 billion in stock buybacks, after repurchasing roughly $28 billion of its own shares last year. The company forecast revenue in the current quarter of $26 billion to $28.5 billion, exceeding Wall Street expectations. Meta also said it planned to rein in capital expenditures, largely by making changes to its data centers - which undergird its apps and infrastructure - and cutting back on the real estate required to run them. Revenue fell 4 percent to $32.16 billion from a year earlier, coming in at the higher end of the company’s guidance and above Wall Street predictions. Zuckerberg’s shift to the so-called metaverse, with costs rising 22 percent from a year earlier. ![]() Meta also continued to spend heavily on Mr. The charge dragged down Meta’s profits, with net income falling 55 percent to $4.65 billion in the fourth quarter from a year ago. The company expects another $1 billion in restructuring costs in 2023. The charge included costs for the early termination of some office-space leases, redesigns of some data center projects and severance for employees who were laid off last year. On Wednesday, Meta, the owner of Facebook, Instagram and WhatsApp, reported that it was taking a $4.2 billion restructuring charge for the fourth quarter. Mark Zuckerberg, the chief executive of Meta, has spent months cutting costs at his company to appease investors, fix its flagging stock price and reshape the business.
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