Meta

It's shaping up to be a good day for Meta Platforms. Shares in Facebook's parent company jumped 19% at the open, putting the stock on pace for its best ...

In July 2013, Meta's shares rose 30% in one day.\n\nIn a bad year for markets in 2022, Meta was among the notable losers. The company posted a 55% decline in net profit from the year before. It's shaping up to be a good day for Meta Platforms.\n\nShares in Facebook's parent company jumped 25% in morning trading, putting the stock on pace for its best daily performance in nearly a decade.\n\nAt that pace, there is only one other day where the stock performed better.

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.”

Mark Zuckerberg's company recorded its biggest daily market gain in nearly a decade, as the mood brightens among tech investors.

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. Meta laid off more than 11,000 employees in November. 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 faces setbacks in digital advertising as clients rein in spending because of higher interest rates and inflation. 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. 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. It’s a signal that while competition from other social networks is stiff, people are still using Facebook. The Nasdaq Composite, an index that includes many tech companies, including Meta, has risen nearly 20 percent this year.

Meta Platforms Inc shares closed about 23% higher on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street ...

"That is rare," analysts at Evercorse ISI said, referring to the positive developments. The surge also lifted shares of Amazon.com Register for free to Reuters and know the full story Meta now expects its 2023 expenses between $89 billion and $95 billion, a sharp drop from its previous outlook of $94 billion to $100 billion, with CEO Mark Zuckerberg calling the period a "Year of Efficiency". [(AMZN.O)](https://www.reuters.com/companies/AMZN.O), Apple [(AAPL.O)](https://www.reuters.com/companies/AAPL.O) and Alphabet [(GOOGL.O)](https://www.reuters.com/companies/GOOGL.O), all of which sport valuations of more than $1 trillion and will report earnings after market close. The company added more than $90 billion to its market value and the stock logged its best day in a decade.

The Federal Trade Commission (FTC) rejected a petition filed by Facebook-parent Meta seeking the recusal of Chair Lina Khan from participating in any ...

A U.S. Wilson said that was "an express statement that Meta transactions are illegal." 7 in order to give the commission time to assess options, the source confirmed. Facebook agreed to buy Within in October 2021. Davila granted the FTC’s request to temporarily block the closing until Feb. Register for free to Reuters and know the full story

Judge denies agency's request for injunction blocking Meta's proposed acquisition of virtual-reality startup.

[Kohl's Coupon 30% off sitewide](https://www.wsj.com/coupons/kohls) [Up to 15% off + free shipping at Wayfair](https://www.wsj.com/coupons/wayfair) In a sealed court decision issued overnight, U.S.

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Shifting views on the metaverse and Meta's 'Family of Apps' Analysts are also growing more confident in the company's Reels business and metaverse play. "Usage, engagement and revenue are all growing, while costs and capex are coming down, a recipe for further upside," Barclays' Ross Sandler wrote in a note Wednesday to clients, noting that 2023 could be the year that the company transitions from "doghouse to pedestal." Jefferies analyst Brent Thill said in a note Wednesday 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. The analyst has an outperform rating on Meta and hiked his price target to $275, which implies upside of nearly 80%. "Our management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization." "Our community continues to grow and I'm pleased with the strong engagement across our apps," Zuckerberg said in a statement Wednesday.

The ruling, which is under seal, is a defeat for the Federal Trade Commission, which tried to block Meta's deal with a rarely used antitrust argument.

Last month, the Department of Justice [accused Google of abusing a monopoly](https://www.nytimes.com/2023/01/24/technology/google-ads-lawsuit.html) over the technology that places ads on websites. Zuckerberg](https://www.nytimes.com/2022/12/20/technology/zuckerberg-meta-ftc-virtual-reality.html) if it was true that acquiring or developing a fitness app kept him up at night. The F.T.C. The case was heard in San Jose, Calif., in December. chairman, said the sealed ruling in the Meta case would be more problematic for the agency if the judge panned the legal theories underpinning the challenge. [A federal judge, meanwhile, refused to block Meta’s purchase of Within](https://www.nytimes.com/2023/02/01/technology/meta-within-deal-ftc.html?action=click&pgtype=Article&state=default&module=styln-big-tech&variant=show®ion=MAIN_CONTENT_1&block=storyline_top_links_recirc), a virtual reality start-up. Do the sources know the information? [she wrote a critique of Amazon](https://www.nytimes.com/2018/09/07/technology/monopoly-antitrust-lina-khan-amazon.html) that went viral, to be filed in court. also [challenged Microsoft’s $69 billion purchase](https://www.nytimes.com/2022/12/08/technology/ftc-microsoft-activision.html) of the video game publisher Activision Blizzard in December. Khan has argued that the F.T.C. The company has invested billions of dollars in becoming a powerhouse of the so-called metaverse, where users work, play and consume content through virtual and augmented reality. The case was aimed at testing that line with a

Parent of Facebook also announces additional $40bn for stock buybacks.

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'We can overlook the gaudy Metaverse investment in this new light,' analyst writes as the Facebook parent slashes expense forecasts ...

“But it appears that Meta has found their own religion on efficiency/profitability and investors now find a leaner, sharper company before them. Executives at Meta said they anticipated $30 billion to $33 billion in capital expenditures for the full year, down from a prior forecast of $34 billion to $37 billion. 90 days ago we do have to wonder to some degree if META has delayed some of the more compute-intensive investments that are need to further their AI rollout,” Erickson wrote. Meta’s fourth-quarter revenue marginally exceeded the consensus view, and the company showed “mixed” profitability in the latest quarter amid a restructuring. On that day in July 2013, Meta had a market value of just $83.7 billion, according to Dow Jones Market Data. The macro is still difficult, but we are *slightly* raising estimates for the first time since 2021.

The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs as a more dovish-than-expected message from Federal Reserve Chair ...

[(UNH.N)](https://www.reuters.com/companies/UNH.N) shares fell 5.3% after the U.S. A 3.3% decline in [Merck](/business/healthcare-pharmaceuticals/merck-fourth-quarter-tops-expectations-strong-covid-pill-sales-2023-02-02/) [(MRK.N)](https://www.reuters.com/companies/MRK.N) shares, after the drugmaker forecast 2023 earnings below Wall Street estimates, also dragged on the blue chip index. About 15 billion shares changed hands in U.S. The company revealed stricter cost controls this year and a $40 billion share buyback, as CEO Mark Zuckerberg called 2023 the "year of efficiency." After a bruising 2022, U.S. "The bottom line for investors I think is that the Fed’s comments were unexpected.” [(.SPNY)](https://www.reuters.com/quote/.SPNY), one of last year's standout performers, fell 2.5%, while healthcare [(.SPXHC)](https://www.reuters.com/quote/.SPXHC) dropped 0.7%. [Eli Lilly](/business/healthcare-pharmaceuticals/eli-lilly-raises-2023-profit-forecast-2023-02-02/) [(LLY.N)](https://www.reuters.com/companies/LLY.N) dropped 3.5% after sales of its closely watched diabetes drug missed estimates. [(.DJI)](https://www.reuters.com/quote/.DJI) fell 39.02 points, or 0.11%, to 34,053.94, the S&P 500 [(.SPX)](https://www.reuters.com/quote/.SPX) gained 60.55 points, or 1.47%, to 4,179.76 and the Nasdaq Composite [(.IXIC)](https://www.reuters.com/quote/.IXIC) added 384.50 points, or 3.25%, to 12,200.82. [jobless claims](/markets/us/us-weekly-jobless-claims-fall-layoffs-surge-january-2023-02-02/) fell last week to a nine-month low, highlighting the labor market's resilience, ahead of monthly U.S. [(AAPL.O)](https://www.reuters.com/companies/AAPL.O), Amazon [(AMZN.O)](https://www.reuters.com/companies/AMZN.O) and Google parent Alphabet [(GOOGL.O)](https://www.reuters.com/companies/GOOGL.O) also gained strongly ahead of results due after market close on Thursday, with Apple rising 3.7%, and Amazon and Alphabet both up over 7%. [(.SPLRCL)](https://www.reuters.com/quote/.SPLRCL) jumped 6.7%, its biggest daily gain in almost three years, led by a 23.3% surge for [Facebook parent Meta](/technology/meta-surges-cost-cut-buyback-plans-lifts-mega-cap-stocks-2023-02-02/) [(META.O)](https://www.reuters.com/companies/META.O).