Meta reported solid Q4 and full-year 2023 earnings in its latest report on Thursday.

The social media giant posted a Q4 revenue of $40.11 billion, exceeding projections of $39.18 billion. Revenue for the quarter climbed by 25% year-over-year. Meanwhile, the company’s full-year revenues were $134.9 billion, up 16% from the previous year, when Meta registered earnings of $116.609 billion.

The parent company of Facebook, Instagram and WhatsApp also saw a growth in advertising sales. It reported revenue of $38.7 billion in Q4, beating expectations of $37.8 billion. Ad impressions increased 21% year-over-year, while the average price per ad grew 2%. For the full year, ad impressions were up 28% year-over-year and average price per ad was down 9%.

The financial report comes at a time when Meta is looking to integrate AI-powered tools into its core products. In a statement attached to the report, Mark Zuckerberg said Meta has “made a lot of progress on our vision for advancing AI and the metaverse.”

“We had a good quarter as our community and business continue to grow.”

On the previous quarter’s earnings conference call, Zuckerberg said AI would be the company’s largest area of investment by 2024. The tech will be used to improve ad campaigns and boost ad revenue, as well as to support new Meta products, including AI chatbots, according to him.

In the report, Meta also revealed that restructuring costs were $1.15 billion in Q4 and $3.45 billion for the full year. The company’s headcount as of Dec. 31, 2023 was 67,317, down 22% from the previous year.

Meta expects overall revenues in the Q1 of 2024 to range between $34.5 billion and $37 billion. Total expenses for the year are expected to be between $94 billion and $99 billion.