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February 2, 2023

Meta stock soars on Q4 results, stock buyback

By BARBARA ORTUTAY
AP Technology Writer

SAN FRANCISCO — Facebook parent company Meta posted lower fourth-quarter profit and revenue on Wednesday, hurt by a downturn in the online advertising market and competition from rivals such as TikTok.

But the company's stock soared in extended trading, as its revenue beat Wall Street's muted expectations and the Menlo Park, California-based company announced a $40 billion stock buyback.


 
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