Meta Reports Fourth Quarter and Full Year 2023 Results

Stock Performance & Valuation

• Commenters note Meta’s share price is up ~300% from 2022 lows and jumped another ~10–15% after earnings, with some calling this one of the biggest corporate comebacks ever.
• Several emphasize that even after the run, the P/E is around 20, seen as “not outrageous” given profits; others recall the P/E near 9 in 2022 as a clear mispricing.
• Some regret not buying more at the lows; others say disciplined index investing still feels safer.
• There is debate over whether the market was “dumb” or just overreacting emotionally to metaverse spending and leadership perceptions.

Business Strength, Ads & Competition

• Many describe Meta as having near-dominance in social, messaging, and mobile ads, second only to Google’s search/YouTube.
• Advertisers in the thread report Meta ads now working very well again, with strong ROI, while Google Ads is described as opaque, error‑prone, and sometimes punitive (e.g., bans, unclear rejections).
• Apple’s App Tracking Transparency initially hurt Meta but is now seen by some as entrenching Meta’s moat, making life harder for smaller ad players and moving the ecosystem toward server‑side tracking and fingerprinting.

User Growth & Product Experience

• Commenters are stunned that Facebook DAUs still grow after ~15 years; some call the usage numbers “incomprehensible.”
• Several personally find Facebook/Instagram feeds worse due to algorithmic content and TikTok‑style Reels, yet admit they still use them out of habit or for Groups, which are praised as very useful.
• Some point out Meta’s global footprint and dominance in developing markets as underappreciated by US‑centric critics.

Layoffs, Efficiency & Workforce Mix

• Headcount is down ~22% while revenue and margins are way up; many see this as a successful “year of efficiency.”
• Others argue layoffs were about cutting managers/support roles and shifting toward higher‑paid technical staff, not purely performance.
• There is some criticism that generous severance doesn’t help people on visas, and skepticism about corporate narratives around “efficiency.”

AI, Capex, Threads & Metaverse

• Meta is committing tens of billions in capex for servers and AI hardware (notably GPUs), seen as bullish for GPU vendors and as positioning Meta strongly in AI.
• Threads is characterized as a solid win, especially with higher‑income, educated users, and a beneficiary of advertisers leaving X/Twitter.
• Metaverse spending is now framed as painful but survivable; it did not “doom” the company.

Investing Lessons & Meta Narratives

• Multiple commenters highlight Meta as a textbook case of buying when sentiment is extremely negative and fundamentals (profits, users) remain strong.
• Others warn hindsight bias is huge and that low P/E can also precede real earnings declines, citing non‑Meta examples.
• Some advocate reading 10‑Qs and earnings releases directly instead of relying on pundits, videos, or popular commentators whose incentives favor sensationalism.
• There is brief mention of “inverse pundit” strategies, but actual inverse-ETF performance is noted as underwhelming.

Ethical & Societal Concerns

• One line of discussion contrasts financial success with social harm: references to teen suicides and bullying, political lobbying power, and the ability to shape research and discourse on Meta’s own platforms.
• Some remain conflicted: they dislike Meta’s societal impact but hold or held the stock because “the numbers can’t be denied.”