Salem Radio Network News Saturday, April 1, 2023


Meta posts lower Q4 profit, announces huge stock buyback


( ) -q-22- UNDATED (Correspondent Jeremy House) “31.55 billion dollars.”

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.

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TAG: Correspondent Jeremy House reporting. Despite the poor revenue figures, 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.

VERBATIM: Meta says it earned 4.65 billion dollars in the final three months of 2022. That’s down 55% from 10.29 billion dollars a year earlier. Revenue fell four-percent to 32.17 billion dollars from 33.67 billion. Analysts were expecting 31.55 billion dollars.

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