Meta shares surge nearly 20% as Zuckerberg pledges to make 2023 a 'year of efficiency' | CNN Business

Mark Zuckerberg pledged to make 2023 a 'year of efficiency,' sending Meta shares surging nearly 20% even after the company posted its third straight quarterly decline in revenue and a sharp drop in profit for the final three months of 2022

For years, Facebook and its CEO Mark Zuckerberg invested heavily in growth, including in areas like virtual reality with unproven potential. But after a brutal year in which the company lost more than $600 billion in market value, Zuckerberg has started speaking Wall Street’s language — and they are rewarding him for it.

In its earnings report, Meta said it has cut its guidance for capital expenditures for 2023 down slightly to between $30 billion and $33 billion, citing plans for lower data center construction spending.

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