By Ovunc Kutlu
ISTANBUL (AA) - Facebook's parent firm Meta Platforms saw its income more than triple in the fourth quarter of 2023, according to its financial results statement released Thursday.
The company, which also owns Instagram and WhatsApp, posted a net income of $14 billion for the three months ended Dec. 31 from $4.65 billion in the same period of 2022 for a massive gain of 201%.
Revenue increased 25% year-on-year to reach $40.11 billion from $32.16 billion during the same period.
"We had a good quarter as our community and business continue to grow," Meta founder and CEO Mark Zuckerberg said in the statement. "We've made a lot of progress on our vision for advancing AI and the metaverse."
The company also managed to lower costs and expenses by 8% to $23.73 billion from $25.76 billion during that period.
Meta, in addition, announced its first-ever dividend payment of $0.50 per share of its outstanding common stock, including both Class A and Class B common stocks, payable on March 26 to stockholders.
"We intend to pay a cash dividend on a quarterly basis going forward, subject to market conditions and approval by our board of directors," said the statement.
Amid strong financial results, Meta Platforms' stock price jumped 14.4% to $451.75 per share in after-hours trading on the Nasdaq after closing Thursday at $394.78 a share.