Shares of Meta Platforms Inc soared nearly 20 per cent in premarket trading on Thursday as the Facebook parent wooed investors with plans to rein on costs and a new $40 billion share buyback.
The company further boosted investot confidence by forecasting first-quarter sales ahead of Wall Street estimates. "Promising that 2023 will be a year of efficiency was always likely to go down well with investors concerned about the largesse in spending directed towards the unproven potential of the metaverse," said AJ Bell, investment director at Russ Mould.
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Meta shares soar as company cuts spending, forecasts upbeat first-quarter sales:Meta Platforms Inc on Wednesday forecast stricter control of expenses this year and first-quarter sales that could beat Wall Street estimates, sending shares soaring 19 per cent in after-hours trade.The world's biggest social media company cut its cost outlook for 2023 by $5 billion and expanded its share bu
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Snap's earnings may hold positive news for Meta, Google -analystsSnap Inc blamed a poor economy and increased competition for its ho-hum quarterly earnings, but a rise in the key ad metric could mean good news for Facebook owner Meta Platforms and Alphabet, analysts said on Wednesday.Snap said its direct response business geared towards driving product sales or website
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