1 in 4 people use Facebook

Facebook has been around for almost 20 years and is still growing. While Meta announced its fourth quarter results, it also shared important information about its giant social network Facebook. According to the reports, the number of daily active users of Facebook has reached 2 billion people for the first time. Meanwhile, Facebook reached 2 billion monthly users in 2017. Facebook is not the first Meta-owned platform to reach 2 billion daily users, as WhatsApp reached 2 billion users a few months ago. But even though Meta has made significant cuts to its business in recent months, it's critical that the company's biggest source of advertising revenue continues to grow.

Meta has undergone a restructuring while laying off more than 11,000 people. The CEO of the company, Mark Zuckerberg, stated that they see 2023 as the "productivity year".

Meta will focus on productive AI

On the other hand, Meta's revenue of $32.2 billion for the last quarter of 2022 is still slightly better than expected, despite a 4 percent decrease from last year. Net income in the last quarter fell 55 percent to $ 4.6 billion. For the full year, Meta posted $116.6 billion in revenue, down 1 percent, and net revenue of $23.2 billion, down 41 percent. However, Zuckerberg suggests that Meta will continue to make cuts as it prioritizes efficiency: "We will be more proactive about cutting projects that are underperforming or may no longer be very important."

The CEO also said that productive AI projects will be a priority for Meta next year. Additionally, Meta also continues to lose large sums of money on metaverse investments. Reality Labs, the division responsible for VR, AR and metaverse projects, lost $4.3 billion in the fourth quarter of 2022 and nearly $14 billion for the full year, Meta reports. It is expected to continue to lose money in the first quarter of 2023.