The Facebook parent company has published its quarterly and annual figures and is posting losses for the first time in over ten years.

Facebook parent company Meta has reported losses for the first time since going public in 2012. As the US group announced on Wednesday, sales last year were 116.61 billion dollars (106.12 billion euros). That represented a one percent decline from 2021. Still, the stock jumped 18 percent in electronic trading after market close on Wednesday as the market had expected a deeper slump for the California-based company.

In the fourth quarter of 2022, Meta reported revenue of $32.17 billion (down four percent year-on-year) and halved its net income to $4.65 billion — analysts had expected $6 billion.

Mark Zuckerberg’s group is struggling with competition from the online service Tiktok and the economic crisis. However, according to the group, the number of Facebook users rose to over two billion for the first time. In addition to the online network Facebook, Meta also includes Whatsapp and Instagram.