Shares of Facebook parent company Meta jumped more than 15 per cent in after-hours trading after the company reported a 201 per cent yearly surge in fourth-quarter net profit, driven by a jump in advertising revenue and an increase in user numbers.
The California-based company posted a net profit of more than $14 billion in the quarter that ended on December 31, up 21 per cent compared with the third quarter.
Revenue for the three-month period surged by an annual 25 per cent to more than $40.1 billion, exceeding analyst estimates of $39.1 billion.
This is the third consecutive quarter that the company has reported double-digit revenue growth since the fourth quarter of 2021.
Meta's shares, which closed at $394.78 on Thursday, surged 15.1 per cent to trade at $454.40 a share in after-hours trading.
The stock has gained about 14 per cent so far this year and the company had a market value of about $1.01 trillion at close on Thursday.
In the fourth quarter, advertising impressions delivered across Meta’s family of apps increased 21 per cent on an annual basis while the average price for an advertisement soared by 2 per cent year on year.
Meta’s family of apps includes Facebook, Instagram, Messenger, WhatsApp and other services.
“We had a good quarter as our community and business continue to grow,” said Mark Zuckerberg, Meta founder and chief executive.
“We have made a lot of progress on our vision for advancing AI [artificial intelligence] and the metaverse.”
The company’s earnings per share jumped 203 per cent annually to $5.33 in the fourth quarter.
Meta, which employs more than 67,000 people, expects its March quarter total revenue to be in the range of $34.5 billion to $37 billion.
Facebook’s daily active users stood at 2.11 billion as of December 31, an increase of 6 per cent, while monthly active users surged 3 per cent to 3.07 billion.
“These numbers are a testament to the long-term benefits of Zuckerberg's turnaround that began in 2022,” Thomas Monteiro, senior analyst at Investing.com, told The National
“Not only did the company show an impressive ability to improve margins, but it was also agile enough to direct any extra revenues to the correct operations.
“This leaves no doubt to the fact that Zuckerberg's company is a serious player in all the main races being disputed at the moment, especially VR [virtual reality] and AI [artificial intelligence].”
In the fourth quarter, the company's costs and expenses stood at $23.73 billion, down 8 per cent on an annual basis, while its capital expenditure, including principal payments on finance leases, stood at more than $7.9 billion.
The company said it expects its full-year 2024 total expenses to be in the range of $94 billion to $99 billion, unchanged from its prior outlook.
The company's advertising sales contributed more than 96 per cent to overall sales in the fourth quarter, growing by about 23.8 per cent on an annual basis to more than $38.7 billion.
Revenue from other streams – including the Reality Labs unit – jumped 54 per cent on an annual basis to more than $14 billion.
Reality Labs, which includes augmented and VR-related consumer hardware, software and content for the metaverse, reported an operating loss of over $4.6 billion.
The unit's operating losses are expected to “increase meaningfully year over year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem”, said Susan Li, Meta’s chief financial officer.
The company expects its 2024 capital expenditure to hover in the range of $30 billion and $37 billion, a $2 billion increase of the high end of its prior range.
“We expect [capex] growth will be driven by investments in servers, including both AI and non-AI hardware, and data centres as we ramp up construction on sites with our previously announced new data centre architecture,” Ms Li said.
As part of its restructuring efforts in March, Meta announced it would lay off 10,000 employees and close about 5,000 open roles.
In November last year, the company laid off 11,000 employees, or 13 per cent of its workforce.
Meta said restructuring charges in the fourth quarter totalled $4.2 billion and $4.6 billion for the full year.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
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The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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More from Rashmee Roshan Lall
KILLING OF QASSEM SULEIMANI
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Dubai World Cup Carnival card
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
8.15pm: Handicap (TB) $175,000 (D) 1,600m
8.50pm: Handicap (TB) $135,000 (T) 1,600m
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
10pm: Handicap (TB) $135,000 (T) 2,000m
The National selections:
6.30pm - Ziyadd; 7.05pm - Barney Roy; 7.40pm - Dee Ex Bee; 8.15pm - Dubai Legacy; 8.50pm - Good Fortune; 9.25pm - Drafted; 10pm - Simsir
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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