Meta rakes in record $40 billion in revenue amid accusations of child exploitation through its platforms

Meta achieved a new milestone in the fourth quarter of 2023 by recording a remarkable $40.1 billion in revenue, thanks to a resurgence in digital advertising. Meanwhile, CEO Mark Zuckerberg faced serious accusations from federal authorities regarding alleged child abuse and exploitation through Meta platforms.

Despite facing challenges and accusations, Meta met the average revenue expectations set at approximately $39 billion. Additionally, the company thrived, tripling its net income to $14 billion, marking a substantial 201% increase over the previous year, even after experiencing layoffs in the preceding year.

In Q4, sales saw a notable 25% increase compared to 2022. Meta successfully addressed the longstanding issue of attracting new users, reporting a 6% year-over-year increase in platform users, totaling 3.98 billion users by the end of 2023, according to Variety. Notably, Threads, Meta's response to Twitter/X, reportedly garnered 130 million active monthly users.

Shares of Meta reached an unprecedented high, surpassing $465 per share as the company's board announced their intention to provide cash dividends on a quarterly basis going forward. Mark Zuckerberg expressed optimism, stating, "We had a good quarter as our community and business continue to grow," highlighting progress in advancing AI and the metaverse.

The positive news for Meta coincided with a challenging moment for Zuckerberg and other social media companies during a Senate committee hearing on "Big Tech and the Online Child Sexual Exploitation Crisis." Facing criticism alongside other platforms like TikTok, Zuckerberg addressed concerns about a warning screen on Instagram for child abuse search results, defending the decision to provide resources while acknowledging the issue.

Zuckerberg took the opportunity to apologize to families affected by child exploitation schemes on social media during the hearing. He expressed deep regret, stating, "I’m sorry for everything you have all been through," and pledged continued efforts to prevent such suffering through industry-wide initiatives.

In response to growing concerns, Meta recently announced measures to hide content discussing suicide, self-harm, and eating disorders from teenagers on Facebook and Instagram.