Meta stock

The shares surged as much as 20% in premarket trading after Chief Executive Officer Mark Zuckerberg pledged Wednesday to make the social media company leaner.

Meta Platforms saw a slew of analyst upgrades as shares rose nearly 20% off the backs of a better-than-anticipated earnings report and optimistic ...

"Our management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization," he said in a statement Wednesday. At Guggenheim, Michael Morris revised his price target to $210, maintaining a buy rating, citing in part lowered costs and a belief in management messaging on "momentum." In a word, Mahaney wrote, "Yes." He cited "materially reduced expense projections" and a larger-than-anticipated share buyback, upping his price target to $275 and reiterating an outperform rating. "Does META Really Deserve To Be Up 20% In The After-Market?!" [Meta](/quotes/META/) shares jumped 25% Thursday morning, on pace for the best day in nearly a decade, with a slew of [analyst upgrades](https://www.cnbc.com/2023/02/02/analysts-laud-meta-platforms-focus-on-efficiency-say-the-stock-is-transitioning-from-doghouse-to-pedestal.html) coming off the back of a [fourth-quarter revenue beat](https://www.cnbc.com/2023/02/01/facebook-parent-meta-earnings-q4-2022.html) and optimistic prognostications from CEO Mark Zuckerberg.

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 company's earnings beat expectations, and it announced a big buyback plan. Its revenue in the final three months of last year, just over $32 billion, was ...

Meta took a $4.2 billion restructuring charge for the fourth quarter, including costs for the early termination of office leases and severance for employees. [a federal judge rejected](https://www.nytimes.com/2023/02/01/technology/meta-within-deal-ftc.html)the Federal Trade Commission’s request to block Meta from spending $400 million to acquire a virtual reality start-up called Within, representing a major legal victory for the company as it invests heavily in the metaverse, where users work, play and consume content through virtual and augmented reality. The company expects another $1 billion in restructuring costs in 2023. Mark Zuckerberg, Meta’s chief executive, called 2023 “the year of efficiency” on an earnings call on Wednesday, including terminating a spate of office leases, redesigning data centers to cost less and laying off thousands of what he described were “managers managing managers.” Wall Street welcomed the moves. Meta laid off more than 11,000 employees in November. That buoyed Wall Street sentiment on the business, and batted back some of the more urgent concerns that Meta is in imminent danger from challengers like Apple, TikTok or other social media companies — for now, at least. Flat — and even slightly down — is the new up. Meta faces setbacks in digital advertising as clients rein in spending because of higher interest rates and inflation. Its revenue in the final three months of last year, just over $32 billion, was down 4 percent from a year ago but ahead of analysts’ forecasts. Shares of the tech giant, the owner of Facebook, Instagram and WhatsApp, climbed more than 23 percent, its biggest daily gain in nearly 10 years. [fully realized digital world](https://www.nytimes.com/2021/07/10/style/metaverse-virtual-worlds.html?action=click&pgtype=Article&state=default&module=styln-metaverse&variant=show®ion=MAIN_CONTENT_1&block=storyline_levelup_swipe_recirc) that exists beyond the one in which we live. The Nasdaq Composite, an index that includes many tech companies, including Meta, has risen nearly 20 percent this year.

"It's as if Zuckerberg is just saying what investors want to hear," Munster said. "What that tells me is that Zuckerberg gets it and that's important."

"It's worth noting that Zuckerberg is the only founder and CEO of a mega cap tech company … The Meta CEO promised investors a "year of efficiency," and said the firm would direct its focus towards its artificial intelligence initiatives as well as improving some of its key platforms, like Reels and Messenger. But Zuckerberg shifted his tone in Meta's latest earnings call, Munster noted. Shares rose to $182.35 at 10:00 am ET, up 19% from Wednesday's close. [missed its earnings targets](https://markets.businessinsider.com/news/stocks/facebook-meta-platforms-stock-price-earnings-miss-mark-zuckerberg-metaverse-2022-10?utm_medium=ingest&utm_source=markets) last year partly due to Zuckerberg's investments in the metaverse, a lofty project that burned through $13.72 billion and [angered many of Meta's investors](https://markets.businessinsider.com/news/stocks/meta-facebook-share-price-mark-zuckerberg-metaverse-dream-earnings-2022-10?utm_medium=ingest&utm_source=markets). - Despite the Meta CEO's ambitions in the metaverse, Zuckerberg promised investors a "year of efficiency."