SAN FRANCISCO (AP) — Fb father or mother firm Meta on Wednesday posted decrease income and income within the fourth quarter attributable to a weak internet marketing market and competitors from rivals resembling TikTok.

However the firm’s shares surged in prolonged buying and selling as earnings beat Wall Avenue’s modest expectations and the Menlo Park, Calif.-based firm introduced a $40 billion share buyback.

That is the third straight quarter of income declines for the tech large, which laid off 11,000 staff, or about 13% of its workforce, in November. CEO Mark Zuckerberg has laid off layoffs attributable to aggressive hiring throughout a pandemic when Meta’s enterprise was booming as folks stayed residence, scrolled on telephones and computer systems, and glued to social media. However as lockdowns lifted and other people began going out once more, income development started to sluggish.

Meta’s large share buyback appeared to allay investor considerations concerning the firm’s funding within the ‘Metaverse’ predicted by Zuckerberg.

Meta Platforms Inc. stated it earned $4.65 billion ($1.76 per share) within the final three months of 2022. That is down 55% from his $10.29 billion ($3.67 per share) a 12 months in the past.

Analysts anticipated earnings of $2.26 per share, in response to a FactSet ballot.

Income declined 4% from $33.67 billion to $32.17 billion. Analysts anticipated him to make $31.55 billion.

Meta’s inventory jumped practically 18% in after-hours buying and selling. The inventory ended a traditional buying and selling session at $153.12, down 52% final 12 months.