Social-media giant Meta cheered investors with its positive outlook for 2023, which includes a share-buyback plan and reduced costs WSJWhatsNow
Facebook parent Meta Platforms Inc. reported improving conditions in its underlying business and said it would buy back an added $40 billion in shares,after years of challenges stemming from competition and privacy restrictions.
Meta’s shares soared as much as 20% in off-hours trading as the company pointed to early signs of improvement, including a reduced estimate for costs in 2023 and a forecast that first-quarter revenue could reach as high as $28.5 billion. That would exceed the company’s sales in the first quarter of 2021, right before Apple Inc. introduced privacy measures that curtailed revenue by cutting off the company’s access to data.
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