“Meta” profits hit $14 billion during Q4 2023

Meta announced that it achieved profits amounting to $14 billion in the last three months of last year, exceeding analysts’ expectations.

The technology giant, which owns Facebook and Instagram, said revenues rose to $40.1 billion this quarter, as about 3.1 billion people used the social network monthly.

Meta President Mark Zuckerberg added in the earnings report, “The last quarter was good as our community and business continued to grow.”

Meta shares rose more than 12% to reach $445 in after-hours trading, and the profits come with the 20th anniversary of Facebook’s founding and Zuckerberg’s appearance before Congress.

Tech giants are facing a torrent of political anger for not doing enough to thwart risks to children online, from sexual exploitation to teen suicide.

Facebook was founded 20 years ago as a simple social site, before it became a giant that continues to grow despite young users turning away from it.