Meta Platforms Inc shares rose nearly 20 per cent in premarket trade after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.
Meta's move on Wednesday to rein in costs was a dramatic shift for a company that has spent billions of dollars to turn its vision of the futuristic metaverse into a reality even while its core business reeled from stiff competition and a weak advertising market. The results also provided some relief to the market after an earnings meltdown at Snap Inc on Tuesday that had sent the tech sector's shares lower.
The forecast reflects savings from the 11,000 job cuts it announced in November, plans for lower data-center construction expenses and moves to drop non-crucial projects.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Indonesia Finance Minister to issue rules on exporters earnings in FebJAKARTA : Indonesia plans to issue a revised regulation on natural resource exporters' earnings in February, its finance minister said on Tuesday, adding that authorities were finalising details.The resource rich country has been considering revising rules on export earnings to make exporters keep their f
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
AMD shares jump as earnings defy collapse seen at IntelShares of Advanced Micro Devices Inc rose nearly 7 per cent on Wednesday after the U.S. chipmaker's upbeat earnings showed that it was making up for a personal-computer slump with gains in the lucrative data center market.At least 11 analysts lifted their ratings on the stock, cheering results that defied
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »