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Meta’s Q4 beat and commitment to cost cuts is exactly what we’ve been waiting for



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Meta Platforms (META) reported a fourth-quarter earnings beat Wednesday, while CEO Mark Zuckerberg labeled 2023 the “year of efficiency” in an effort reassure nervous investors like us that the technology giant is serious about controlling costs following a period of severe overspending. Revenue fell 4% year-over-year, to $32.165 billion, beating analysts’ expectations for $31.53 billion, according to estimates compiled by Refinitiv. Earnings-per-share (EPS) fell 52% on an annual basis, to $1.76, missing analysts’ forecasts for $2.22 a share. However, earnings were impacted by $4.2 billion in restructuring charges, lowering EPS by $1.24. It is unlikely those charges were reflected in analysts’ estimates, making the $2.22-per-share figure an inaccurate comparison. Shares of Meta surged nearly 20% in afterhours …

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