Meta Platforms, Inc. (NASDAQ: META), the parent company of social media giant Facebook, Thursday said its fourth-quarter earnings surged, benefitting from a sharp increase in revenues.
Net income more than doubled to $14.02 billion or $5.33 per share in the December quarter from $4.65 billion or $1.76 per share in the corresponding period of 2022.
The strong earnings performance reflects a 25% growth in total revenues to $40.11 billion. Driving the top-line growth, the core advertising revenue increased by double digits.