Meta shares soar as it cuts back spending, forecasts upbeat Q1. #MetaTurnsAround

#MetaTurnsAround: Meta Platforms Inc sees shares soar after stricter cost controls & $40bn share buyback announced.

CEO Mark Zuckerberg declares 2023 the "Year of Efficiency".

#CostCutting: Meta lowers 2023 cost outlook by $5bn & projects Q1 sales beating Wall St estimates. Investments in AI & Reels starting to pay off.

#AdRecovery: Q1 revenue forecast between $26bn-$28.5bn, higher than expected. Meta stock up 18.3%, Alphabet Inc & Snap Inc also see stock rise.

#ChallengesOvercome: Despite challenges, signs show Meta's business is still doing well & suggests ad market is recovering.

#FourthQuarter: Net income fell to $4.65bn, largely due to $4.2bn cost-cutting charges.

Adjusted earnings missed analysts' estimate of $2.22 per share.

#StaffCuts: Last year, Meta announced 11,000 employee cuts to battle soaring costs & weak ad market. @FacebookBusiness