The parent of Instagram and Facebook, which has fallen on hard times amid a broad post-pandemic slump in digital ads, is focused on improving its content recommendations powered by artificial intelligence and its ad targeting systems to keep users clicking.
Meanwhile, it will cut costs in 2023 by $5 billion to a range of $89 billion to $95 billion, a steep drop from the $94 billion to $100 billion it previously forecast, and it projected first-quarter sales that could beat Wall Street estimates.
Meta stock surged nearly 19% in after-hours trade. If gains hold on Thursday, it would set up the shares for their biggest intraday surge in a decade and added more than $75.5 billion to its existing $401 billion market capitalization.
Zuckerberg described the focus on efficiency as part of the natural evolution of the company, calling it a “phase change” for an organization that once lived by the motto “move fast and break things.”
“We just grew so…
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