META share price

Mark Zuckerberg announced plans to trim layers of middle management and flatten org structure in an earnings call with investors.

Still, the Menlo Park, California-based company said 2023 expenses will be $89 billion to $95 billion — less than Meta previously forecast. In the fourth quarter, Meta recorded restructuring charges of $4.2 billion related to its job cuts. Those efforts are still in their early stages, which means much of the investment is not leading to immediate returns. Meta cut 11,000 jobs, or 13% of the workforce, in November in its first-ever major layoff. Meta is still suffering from a slump in demand for digital ads, which make up the vast majority of its sales, especially from clients in finance and technology. Snap said it expected sales to decline in the current period, with CEO Evan Spiegel remarking that the ad slump appears to be bottoming out.

Shares of Meta staged a massive rally Thursday after the Mark Zuckerberg-led Facebook parent company beat expectations in its latest quarterly earnings ...

The Meta boss is now the 16th-richest person in the world, rising six spots thanks to the latest stock surge, surpassing notable names including Indian billionaire Gautam Adani, whose fortune has [nosedived considerably](https://www.forbes.com/sites/siladityaray/2023/02/02/adani-drops-to-third-richest-in-asia-after-another-stock-market-rout/?sh=1c2528717d37) in recent days as his empire contends with fraud allegations from short seller Hindenburg Research. “But it appears that Meta has found their own religion on efficiency/profitability and investors now find a leaner, sharper company before them.” The social media giant changed its name from Facebook to Meta in October 2021 to reflect its commitment to the metaverse, Zuckerberg’s vision for an online experience incorporating augmented and virtual reality. [Meta Stock Soars After Beating Revenue Estimate](https://www.forbes.com/sites/nicholasreimann/2023/02/01/meta-stock-soars-after-beating-revenue-estimate/?sh=7cf57e7c5c4f) (Forbes) [Adani Drops To Third Richest In Asia After Another Stock Market Rout](https://www.forbes.com/sites/siladityaray/2023/02/02/adani-drops-to-third-richest-in-asia-after-another-stock-market-rout/?sh=1c2528717d37) (Forbes) Other large technology stocks have also slumped recently, with Meta’s 46% loss since the beginning of 2022 slightly outpacing the declines of Amazon (34%), Alphabet (27%) and Netflix (40%). [beat expectations](https://www.forbes.com/sites/nicholasreimann/2023/02/01/meta-stock-soars-after-beating-revenue-estimate/?sh=7cf57e7c5c4f) in its latest quarterly earnings numbers, outlined cost-cutting measures and announced a $40 billion stock buyback, as Wall Street regains faith in the “House of Zuck.”

The results of the world's biggest tech companies follow several weeks of unprecedented layoff rounds in the usually unassailable sector amid pessimism ...

Mark Zuckerberg's net worth increased by roughly $12 billion in a single day thanks to Thursday gains in Meta shares.Meta shares are up over 50% this year.

On Wednesday, Meta said it will continue to [tighten its belts](https://www.businessinsider.com/mark-zuckerberg-meta-facebook-chopper-in-chief-cost-cutting-expenses-2023-2) in 2023. Zuckerberg saw his net worth grow by roughly $12 billion in a single day as Meta shares hit an intraday trading high of $184.60 on Thursday. His net worth was $57.2 billion as of the Wednesday market close, according to the [Elon Musk,](https://www.businessinsider.com/the-rise-of-elon-musk-2016-7) [Bernard Arnault,](https://www.businessinsider.com/who-is-bernard-arnault-richest-person-in-europe-lvmh-life-photos-2019-1) [Jeff Bezos,](https://www.businessinsider.com/amazon-ceo-jeff-bezos-richest-man-world-career-life-story-2017-7) and [Changpeng Zhao,](https://www.businessinsider.com/zhao-changpeng-binance-billionaire-crypto-mcdonalds-fast-food-wealth-lifestyle-2022-10) according to the [Bloomberg Billionaires Index.](https://www.bloomberg.com/billionaires/) Since most of Zuckerberg's wealth is tied to his Meta shares, his roughly $12 billion single-day increase in net worth brings the value of his fortune to around $69 billion as of Thursday morning. Meta expects capital expenditures to fall by $4 billion this year, the company said in a [fourth-quarter earnings](https://investor.fb.com/investor-news/press-release-details/2023/Meta-Reports-Fourth-Quarter-and-Full-Year-2022-Results/default.aspx) call with Wall Street analysts on Wednesday, according to a [transcript.](https://seekingalpha.com/article/4574440-meta-platforms-inc-meta-q4-2022-earnings-call-transcript) "We have a lot of things now that a lot of people use and that support a large amount of business and we should operate somewhat differently." - Mark Zuckerberg's net worth increased by roughly $12 billion in a single day thanks to Thursday gains in Meta shares. [Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/), where he is in the 21st spot. The Thursday increase adds to Meta stock's winning streak, taking its gains to over 50% this year. Mark Zuckerberg's cost-cutting measures for Meta have borne fruits for investors — and himself — as the company's share price surged 21% on Thursday morning. Mark Zuckerberg's net worth spikes $12 billion as Meta's cost-cutting plans send shares soaring

Meta shares were a whopping 25% amid plans to cut costs and give a $40 billion share buyback. In terms of guidance, Meta forecast Q1 revenue between $26bn and ...

It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. No representation or warranty is given as to the accuracy or completeness of this information. And we remember the group parted with more than 11,000 jobs back in November, which did cost that money and a one-off. It jumped 25% on the IG platform last night in extended trade as a result of news that came out after the bell. Meta shares were a whopping 25% amid plans to cut costs and give a $40 billion share buyback. Investors gave little interest to earnings and revenue, where fourth quarter (Q4) net income fell to a $1.76 per share, much lower than the $2.26 expected.

The Facebook founder is now the world's 16th richest person, up six spots from Wednesday.

Meta also reported a 4.5% decrease in fourth-quarter revenue compared to the same period in the prior year—but [surpassed analyst forecasts](https://www.forbes.com/sites/nicholasreimann/2023/02/01/meta-stock-soars-after-beating-revenue-estimate/?sh=5c9875ab5c4f) for a 6.5% revenue drop, which likely spurred the stock surge, as did the company's plan to buy back $40 billion worth of its stock. [Wednesday’s earnings call](https://www.forbes.com/sites/nicholasreimann/2023/02/01/meta-stock-soars-after-beating-revenue-estimate/?sh=5c9875ab5c4f) wasn’t much better: Meta’s virtual and augmented reality arm, Reality Labs, posted its biggest quarterly operating loss yet at $4.3 billion. 22 just one day ago](https://www.forbes.com/sites/forbeswealthteam/article/the-top-ten-richest-people-in-the-world/?sh=1a06ec9c54dc) but far below his No. [10 richest people](https://www.forbes.com/sites/rachelsandler/2022/09/27/mark-zuckerberg-is-no-longer-one-of-the-10-richest-americans/?sh=1b8091e2352f) in the world for roughly seven years, but tumbled out of that elite group last fall when Meta’s share price plunged due to declining advertising revenue, competition from TikTok and a general tech slump. 3 spot from September 2021, when he [was worth $136 billion](https://www.forbes.com/sites/kerryadolan/2021/10/05/the-2021-forbes-400-list-of-richest-americans-facts-and-figures/?sh=125e3a3834e9). It's the biggest one-day gain for Zuckerberg since Facebook (now Meta) went public in May 2012.

Parent of Facebook also announces additional $40bn for stock buybacks.

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