Meta Platforms Inc’s stricter cost controls this year and a new $40bn share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the “Year of Efficiency”.
The parent of Instagram and Facebook cut its cost outlook for 2023 by $5bn and projected first-quarter sales that could beat Wall Street estimates. It said its investments in AI-surfaced content and TikTok short video competitor Reels were starting to pay off.
The company forecasted first-quarter revenue between $26bn and $28.5bn, compared with analysts’ average estimates of $27.14bn, according to IBES data from Refinitiv.
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