Meta shares soar as company cuts spending, forecasts upbeat first-quarter sales

📆 02/02/2023 03:10:00

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Meta Platforms Inc's stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the 'Year of Efficiency.'

📆 02/02/2023 03:10:00
📰 Reuters

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Its forecast suggests that the advertising market may be recovering as companies increase their marketing budgets, after a long pause due to macroeconomic uncertainties.

Net income for the fourth quarter ended Dec. 31, however, fell to $4.65 billion, or $1.76 per share, compared with $10.29 billion, or $3.67 per share, a year earlier.

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