Meta Platforms, Inc. (NASDAQ: FB), the parent of social networking platform Facebook, Wednesday said its fourth-quarter earnings decreased despite a double-digit growth in revenues. Earnings also missed analysts’ forecast.
Revenues increased by 20% to $33.67 billion in the fourth quarter, with most of the growth coming from the core advertising segment. Analysts had forecast a slower growth. The top-line benefited from a 5% increase in daily active users. At the end of the quarter, the company had 2.91 billion monthly active users.
Meanwhile, fourth-quarter net profit decreased to $10.3 billion or $3.67 per share from $11.2 billion or $3.88 per share in the same quarter of 2020. Earnings also missed the market’s projection.
Read management/analysts’ comments on Facebook’s Q4 2021 earnings
Facebook’s stock has grown 21% in the past twelve months. It closed Wednesday’s trading higher but declined in the after-hours session following the earnings release.