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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