Snaps gloomy outlook yesterday wasnt a great harbinger for ad-suppported internet services but Facebook blew by that.
Earnings fell to $4.6 billion from $10.2 billion.
EPS was $1.76 vs $3.67 but would have been signifinicantly higher excluding that $4.2 billion charge.
Mark ZuckerbergMega
Monthy active users (MAU) of 2.96 billion were up 2%.
Our community continues to grow and Im pleased with the strong engagement across our apps.
Facebook just reached the milestone of 2 billion daily actives, said Zuckerberg.
The progress were making on our AI discovery engine and Reels are major drivers of this.
Facebook stock jumped nearly 20% in late trading on the report.
The company announced a $40 billion increase to its share repurchase authorization, which didnt hurt.
Advertisers are very fickle ahead of recession and that pinches media and tech.
