

Meta Share: Meta, the parent company of Instagram and Facebook, saw its shares rise 23.3% on Thursday, thanks to the company’s tight cost controls and a $40 billion share buyback. CEO Mark Zuckerberg has declared 2023 as the “Year of Efficiency.”
The stock closed at $188.77 on the Nasdaq, an increase of 23.28%. According to a Reuters report, Meta revealed its focus on improving its artificial intelligence-based content recommendations and ad targeting systems to keep users engaged. The company is also cutting its costs in 2023 by $5 billion, a sharp drop from the previously forecast $94 billion to $100 billion.
Zuckerberg described the focus on efficiency as a “phase change” for the company, which was once known for its motto “move fast and break things.” The company has grown rapidly over the past 18 years, making it difficult to maintain efficiency. However, the current environment requires a different approach, and the company is now focused on becoming a stronger, more agile organization.
The digital advertising giant faced a challenging 2022 as companies reduced marketing spending due to the pandemic and rivals such as TikTok captured younger users. In response, Meta cut more than 11,000 jobs in November, a precursor to the wider tech industry layoffs that followed.
To cut costs, Meta plans to reduce data centre construction spending and shift toward a structure that can support both AI and non-AI work. The company is also focused on monetization efficiency and growing profitably, with Reels on Facebook, a short-form video format, doubling in efficiency in the past six months and on track to break even by the end of 2023 or early 2024.
With a market capitalization of SEK 49.50 billion, the stock has posted a 51% return year-to-date. The stock has a 52-week high of Rs 248 and a 52-week low of Rs 88.09.