Zuckerberg, who has spent the past year promising a faraway future in a digital world called the metaverse, was more focused in a call with investors Wednesday on immediate problems, such as sending users the most relevant videos at the right time, and finally making significant revenue from messaging products. He called 2023 the “Year of Efficiency.”
Meta, on the rebound after the worst year for its stock in history, stands in stark contrast to other tech companies that have seen their stocks punished for disappointing outlooks. Snapchat owner Snap Inc., for example, plunged 10% afterits first-ever quarterly revenue decline. The industry has faced a decline in advertiser demand — as well as a change in privacy rules on Apple Inc.’s iPhone that makes it harder to offer targeted ads.
Fourth-quarter sales fell 4% to $32.2 billion, the third straight period of declines. Even so, the total beat analysts’ estimates, and Meta projected revenue of $26 billion to $28.5 billion for the first quarter, in line with an average projection of $27.3 billion. Analysts are predicting that Meta will return to growth following the current period.
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Business Maverick: Meta shares soar as Zuckerberg ushers in ‘year of efficiency’Meta Platforms CEO Mark Zuckerberg struck a new tone with investors on Wednesday: The social media giant will be leaner, more efficient and more decisive, with a big focus on artificial intelligence. Zuckerberg’s so yesterday
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