Meta Shares Rise More Than 23% After Earnings Announcement

New York, Feb. 2

The shares of the American giant of social networks Meta -owner of Facebook, Instagram and WhatsApp, among others- rose more than 23% this Thursday at mid-session after the company announced on Wednesday in its 2022 results an optimistic outlook for 2023.

At the middle of the trading day, Meta shares were up 23.47% and during the morning they had risen to 25%.

If this trajectory is sustained through closing, the tech titan could post its best day on Wall Street in nearly a decade.
After a difficult 2022, Mark Zuckerberg, the company’s founder and chief executive officer, said Wednesday that the company is “focused on becoming a stronger and more agile organization.”

Meta also cut its estimated total expenses for 2023.
The results also showed a collapse of its profits of 41% in the year of 2022.

The company announced last November 11,000 layoffs and a charge of 4.610 million has been recorded in the year, related to these “restructuring efforts”, which also include the cancellation of office and project leases.

Like other technology companies, Meta was affected by inflation, the weakness of the advertising market, the increase in competitors and the normalization of the demand for digital entertainment, which increased extraordinarily during the pandemic.

Meta’s momentum today on Wall Street is also helping the technology companies that will present their quarterly results this afternoon after the stock market closes: Apple (which rose 2.95% at noon), Alphabet (6.34%) and Amazon (6.12%).

As well as Microsoft (3.36%), which led the gains of the 30 Dow Jones values.

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