Meta Platforms Inc shares rose nearly 20 per cent in premarket trade after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.
Meta's move on Wednesday to rein in costs was a dramatic shift for a company that has spent billions of dollars to turn its vision of the futuristic metaverse into a reality even while its core business reeled from stiff competition and a weak advertising market. The results also provided some relief to the market after an earnings meltdown at Snap Inc on Tuesday that had sent the tech sector's shares lower.
The forecast reflects savings from the 11,000 job cuts it announced in November, plans for lower data-center construction expenses and moves to drop non-crucial projects.
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