Meta stock perks up as the company promises a ‘year of efficiency’ • TechCrunch
Meta is all-in on becoming a lean, mean cash-printing machine.
In its Q4 earnings call on Wednesday, Meta CEO Mark Zuckerberg described the company’s near future priorities and plans, painting a picture of a company that’s driving toward leaning down and speeding up.
The company beat revenue expectations in the final quarter of 2022, bringing in $32.2 billion. Facebook’s user numbers also managed to inch up in the last quarter with the platform hitting 1.98 billion daily active users and 2.96 billion monthly active users as of September 2022.
Those gains combined with Meta’s aggressive cuts and its promise of an efficient 2023 drove stock prices up around 15 percent in trading after hours.
“We’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial,” Zuckerberg said in the earnings call. “But my main focus is on increasing the efficiency of how we execute our top priorities.”
Meta has also downsized its staff by a hefty 13 percent, though this most recent quarter doesn’t factor in those 11,000 jobs that the company cut in November.
“… Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said.
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“… Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg said in the earnings report.