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

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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.'

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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