Despite poor 2022 results, Meta’s share price soars 
Meta presented this Wednesday evening disappointing annual results for 2022. Reassured while expecting worse, the stock market welcomed the news, making the tech giant’s share price jump. On its side, the luxury group L’Oréal shows its faith in Meta and its Metavers, via its startup gas pedal developed in partnership.
Meta Platforms (Facebook, Instagram, Whatsapp) reported less satisfactory annual 2022 results on Wednesday than in previous years. Its annual revenue fell by 1% to $116.61 billion, a first since the social networking giant went public in 2012. In the fourth quarter, its net profit was $4.65 billion (compared to $10.3 billion in 2021), for a turnover of $32.16 billion (compared to $33.67 billion in 2021). However, the latter still exceeds the estimates.
With the exception of Apple, the giants of the Silicon Valley had to implement a massive redundancy plan in the fall, while the number of their employees had exploded during the pandemic. Meta cut 11,000 jobs, or about 13% of its workforce. Hiring has been frozen until the end of March 2023 and the layoffs may not be over. Mark Zuckerberg, who is also Meta’s largest shareholder, wants 2023 to be “the year of efficiency” and said on the conference call with analysts that he was looking to “remove some of the layers, some of the middle management positions to speed up decision making”.
Reality Labs, the branch in charge of the development of the metaverse, thus posts losses of 4.3 billion dollars during the last quarter. It had already lost $3.7 billion in the third quarter, and $2.6 billion in the second.
Meta’s share price soars
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