KONTAN.CO.ID - MENLO PARK. 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." The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion 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 forecast first-quarter revenue between $26 billion and $28.5 billion, compared with analysts' average estimates of $27.14 billion, according to IBES data from Refinitiv.
Meta Shares Soar As Company Cuts Spending, Forecasts Upbeat First-Quarter Sales
KONTAN.CO.ID - MENLO PARK. 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." The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion 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 forecast first-quarter revenue between $26 billion and $28.5 billion, compared with analysts' average estimates of $27.14 billion, according to IBES data from Refinitiv.