$40B increase to their buyback program.
Edit: Actually meant announcement of an increase to buyback program, not that they've already done it.
Edit: Actually meant announcement of an increase to buyback program, not that they've already done it.
Not sure that I'd call this "admitting defeat on growth" as other people have said elsewhere in this thread, given that they've done buybacks of this magnitude before.
The main issue, it seems, is that they grew expenditures on cost of revenue and R&D (i.e. operations and capex), but revenue (advertising from family of apps, whatever revenue VR yields) did not keep pace -- in fact, it was flat on a YoY basis [2].
IMO, this doc is strong evidence that the layoffs were a bona fide good idea. Will be interesting to compare to Alphabet's tomorrow.
[1]: see the cash flow statement on page 8, the search term is "Repurchase" https://s21.q4cdn.com/399680738/files/doc_financials/2022/q4...
[2]: revenue and income figures are broken out on page 10. costs of revenue/r&d figures on page 6.