<story><title>Meta Reports Fourth Quarter and Full Year 2022 Results</title><url>https://investor.fb.com/investor-news/press-release-details/2023/Meta-Reports-Fourth-Quarter-and-Full-Year-2022-Results/default.aspx</url></story><parent_chain><item><author>ra7</author><text>$40B increase to their buyback program.&lt;p&gt;Edit: Actually meant &lt;i&gt;announcement&lt;/i&gt; of an increase to buyback program, not that they&amp;#x27;ve already done it.</text></item><item><author>MuffinFlavored</author><text>what&amp;#x27;s the main reason for this?</text></item><item><author>jihadjihad</author><text>Net income down ~40% YoY ouch. Stock is up though!</text></item></parent_chain><comment><author>gen220</author><text>Hrm, no. The $40bn they announced is forward-looking guidance for 2023. In 2022 they repurchased $28bn (2021 they repurchased $44bn) [1].&lt;p&gt;Not sure that I&amp;#x27;d call this &amp;quot;admitting defeat on growth&amp;quot; as other people have said elsewhere in this thread, given that they&amp;#x27;ve done buybacks of this magnitude before.&lt;p&gt;The main issue, it seems, is that they grew expenditures on cost of revenue and R&amp;amp;D (i.e. operations and capex), but revenue (advertising from family of apps, whatever revenue VR yields) did not keep pace -- in fact, it was flat on a YoY basis [2].&lt;p&gt;IMO, this doc is strong evidence that the layoffs were a bona fide good idea. Will be interesting to compare to Alphabet&amp;#x27;s tomorrow.&lt;p&gt;[1]: see the cash flow statement on page 8, the search term is &amp;quot;Repurchase&amp;quot; &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;s21.q4cdn.com&amp;#x2F;399680738&amp;#x2F;files&amp;#x2F;doc_financials&amp;#x2F;2022&amp;#x2F;q4&amp;#x2F;Meta-12.31.2022-Exhibit-99.1-FINAL.pdf&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;s21.q4cdn.com&amp;#x2F;399680738&amp;#x2F;files&amp;#x2F;doc_financials&amp;#x2F;2022&amp;#x2F;q4...&lt;/a&gt;&lt;p&gt;[2]: revenue and income figures are broken out on page 10. costs of revenue&amp;#x2F;r&amp;amp;d figures on page 6.</text></comment>
<story><title>Meta Reports Fourth Quarter and Full Year 2022 Results</title><url>https://investor.fb.com/investor-news/press-release-details/2023/Meta-Reports-Fourth-Quarter-and-Full-Year-2022-Results/default.aspx</url></story><parent_chain><item><author>ra7</author><text>$40B increase to their buyback program.&lt;p&gt;Edit: Actually meant &lt;i&gt;announcement&lt;/i&gt; of an increase to buyback program, not that they&amp;#x27;ve already done it.</text></item><item><author>MuffinFlavored</author><text>what&amp;#x27;s the main reason for this?</text></item><item><author>jihadjihad</author><text>Net income down ~40% YoY ouch. Stock is up though!</text></item></parent_chain><comment><author>ojbyrne</author><text>I don’t think that’s correct. They announced a future increase of $40 billion. And I don’t think share repurchases affects net income anyway.</text></comment>