Meta, the parent of Facebook, announced its first cash dividend after posting stronger than expected advertising revenue and a big surge in profits in the December quarter.
Revenue at the global media platform was up 25% to $US40.11 billion and profit 200% to $US14.017 billion. Shareholders will get a 50 cents a share cash dividend.
Meta shares jumped 15% in after market trading, hitting $US454.81.
"We had a good quarter as our community and business continue to grow," said Mark Zuckerberg, Meta founder and CEO. "We've made a lot of progress on our vision for advancing AI and the metaverse."
Will Easton, managing director, Meta ANZ, says December earnings show continued investments and hard work have paid off with a strong finish to the year in Australia and New Zealand.
"As a company, we’re focused on building the most advanced AI products and services that will benefit everyone from our users to our advertising partners," he says.
"This year, we’re excited to start rolling out several AI services across our Family of Apps in Australia and New Zealand.”
Meta in 2022 started a round of restructuring, including staff layoffs, to lighten overheads built up during the depths of the pandemic.
The company spend $US4.61 billion on restructuring in 2023. In 2020, called the "year of efficiency," saw2 20,000 jobs go.
"This was a pivotal year for our company," says Meta in a note to shareholders.
"We increased our operating discipline, delivered strong execution across our product priorities, and improved advertising performance for the businesses who rely on our services. We will look to build on our progress in each of those areas in 2024 while advancing our ambitious, longer-term efforts in AI and Reality Labs."
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