By Josh Beckerman

Meta Platforms Inc. shares were up 18% to $180.14 after hours as the company reported fourth-quarter results and announced a $40 billion increase in its repurchase authorization.

In a statement, founder Mark Zuckerberg said "our community continues to grow and I'm pleased with the strong engagement across our apps," and noted progress in Meta's artificial intelligence discovery engine.

Revenue was $32.17 billion, down from $33.67 billion a year earlier.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

February 01, 2023 16:38 ET (21:38 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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