THE Meta Platforms projected on Wednesday a tighter control of expenses in 2023 and first-quarter sales that could exceed the value expected by analysts, which led to a 19% increase in the company’s shares in the post-market.
The world’s biggest social media company cut estimated 2023 costs by $5 billion and expanded its share buyback program by $40 billion.
The company, controller of Instagram It’s from Facebookprojected revenue of between $26 billion and $28.5 billion, while analyst estimates averaged $27.14 billion, according to IBES data from Refinitiv.
The shares of alphabet and the Snap also rose in the wake of the disclosure of the Goal.
Meta faced a brutal 2022 as companies slashed marketing spend due to economic concerns, while rivals such as TikTok captured younger users, and Apple’s privacy updates challenged the targeted ads business.
The Meta projection is an indication that the ad market may be recovering as companies increase their advertising budgets. marketingafter a long pause due to macroeconomic uncertainties.
Meta’s fourth-quarter net income fell to $4.65 billion, or $1.76 per share, from $10.29 billion, or $3.67 per share, in the year-earlier period.
The drop was largely due to charges of $4.2 billion related to cost-cutting moves such as layoffs.
Source: Moneytimes
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