Meta CEO Mark Zuckerberg's vision of leading the way into the 'metaverse' has yielded, for now,to economic challenges that have the tech titan tightening its beltSAN FRANCISCO - Shares in Facebook parent Meta surged Wednesday after the internet titan reported it made a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.
Zuckerberg, who has called 2023 the"year of efficiency," added that artificial intelligence being used at Meta is"driving good results" across its business. Tech companies across the United States have been laying off workers this year as a reckoning across the sector that started last year continues into 2023.
Meta had suffered a rough 2022 amid a souring economic climate, which forced advertisers to cut back on marketing, and Apple's data privacy changes, which have reduced leeway for ad personalization.