The Facebook parent company reported better-than-expected quarterly results and won a favorable ruling from the judge overseeing the FTC's move to block a virtual reality acquisition.
, U.S. District Judge Edward Davila made the ruling in sealed court documents, adding that Meta must wait a week before closing the deal to give the agency time to appeal his decision.The big picture:
Meta has been retrenching of late, announcing plans to lay off workers, cut some hardware projects and scale back its investments in real estate and data centers. As part of Wednesday's earnings report, Meta said it took a restructuring charge of $4.2 billion in the fourth quarter.: The company's optimistic forecast contrasts with the outlook from competitor Snap Inc., this week, which told investors that it expects revenue to decline 2%-10% in the current quarter.Meta's Reality Labs unit — which is spearheading its metaverse projects — lost $4.27 billion last quarter, bringing its total losses for the year to $13.71 billion.
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