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Meta mojo is back: Earnings surprise sparks share surge, lifts Big Tech

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Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan

The company was set to add around $75 billion to its market value and would post its best day in a decade, if gains hold., Apple Inc and Alphabet Inc, all of which sport market values of more than $1 trillion and report earnings after market close.

“That is rare”, analysts at Evercorse ISI said, referring to the positive developments. “And stocks react to rare.” “There is also a less hawkish Fed which is also boosting demand for growth and tech stocks generally.”Meta now expects its 2023 expenses between $89 billion and $95 billion, a sharp drop from its previous outlook of $94 billion to $100 billion, with CEO Mark Zuckerberg calling the period a “Year of Efficiency.”

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Meta shares soar as company cuts spending, forecasts upbeat first-quarter salesMeta Platforms Inc’s stricter cost controls this year and a new $40-billion share buyback sent shares soaring on Wednesday Sounds like their demographic of boomers hasn't quite dried up yet Empty balloon on market For integrated shares Fakeness and scum is target Attract a foolish lambs... You mean fired all their staff?
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