News Formal

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

  • 📰 Reuters
  • ⏱ Reading Time:
  • 9 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

TheOmniLiberal You still holding onto Meta shares?

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:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa 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, GoogleA rise in a key advertising metric for Snap Inc that reported an otherwise insipid quarter could bode well for Facebook owner Meta Platforms and Alphabet , analysts said on Wednesday.
Source: Reuters - 🏆 2. / 97 Read more »