Meta Platforms (META) shares were trading higher by 19.32% to $182.71 Friday premarket after the company reported better-than-expected Q4 financial, while being able to cut its FY23 expense outlook and announced a $40 billion increase in its share buyback program. DAUs (daily active users), meanwhile, increased 4% YoY.

In numbers, Meta Platforms reported Q4 revenue of $32.17 billion, still down 4% YoY, but above the Street estimate of $31.53 billion. Meanwhile, Q4 earnings per share, EPS, of $1.76, missed consensus estimate of $2.22. The company said earnings per share would have been $1.24 higher without restructuring charges in the reporting quarter.

Meta has now reported declining revenue in three consecutive quarters, as the company grapples with drops in online advertising spending. Although the company continues to struggle in Europe, with the total number of MAUs down by 1 million over the past quarter, it experienced good momentum in the developing economies. Another contributor to the better performance this time around was the ARPU generated by the company. In the U.S. and Canada, this number came in at $58.77. One year earlier, however, it was $60.57.

Last year, Meta's stock fell as CEO Mark Zuckerberg prioritized the company’s focus on the metaverse. He has repeatedly called it a revolutionary, immersive online experience. However, investors have not been impressed by his vision. The company's metaverse-centered Reality Labs division lost over $9 billion in Q1 2022. Zuckerberg's stubborn concentration on the metaverse were mocked as Meta slashed around 11,000 jobs – around 13% its workforce in November, and extended a hiring freeze until the beginning of 2023 as cost-cutting steps.

At P/E on less than 20 again, META may look undervalued to some investors. However, it may be too early to instigate bottom-fishing, and Zuckerberg is yet to lay out new key points of his updated vision of the company’s mission.