Meta Platforms is turning its focus toward efficiency, and analysts seem to like the narrative shift from the battered technology giant.
Shares surged more than 19% in premarket trading after the company surpassed fourth-quarter revenue estimates , announced a $40 billion share repurchase program, and CEO Mark Zuckerberg said the company is focused on efficiency. "Our community continues to grow and I'm pleased with the strong engagement across our apps," Zuckerberg said in a statement Wednesday.
mountain Meta Platforms shares have already surged 27% this year Analysts also seemed to praise the company's move to lower its outlook for capital expenditures and operating expenses. Jefferies analyst Brent Thill said in a Wednesday note that it should provide upside to earnings per share in 2023 and falls in line with the company's track record of guiding higher on both.
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