Meta Platforms (NASDAQ: META) shares surged more than 23% on Thursday after the company reported better-than-expected Q4 revenues and announced a $40 billion share buyback program.

Q4 revenue fell 4% year-over-year to $32.17 billion, better than the Street estimate of $31.53 billion. EPS was $1.76, compared to the Street estimate of $2.26.

Family daily active people (DAP) grew 5% year-over-year to 2.96 billion, while Family monthly active people (MAP) were up 4% year-over-year to 3.74 billion.

The company cut costs for 2023, expecting total expenses to be in the range of $89-95 billion, compared to its prior outlook of $94-100 billion. For Q1/23, the company expects revenue to be in the range of $26-28.5 billion, compared to the Street estimate of $27.25 billion.