![]() Meta’s strong guidance for Q2 revenue is another indicator that the company may be starting to come out of the woods.” “In this economic environment – and after the disaster that was 2022 – 3 percent year-over-year revenue growth is an accomplishment. ![]() The results indicate the austerity drive was “off to a stronger than expected start for Meta,” Debra Aho Williamson, principal analyst at Insider Intelligence, said. Meta has kicked off an aggressive cost-cut drive, with plans to eliminate 21,000 jobs and flatten its middle-management structure as it works towards CEO Mark Zuckerberg’s goal of turning 2023 into the “year of efficiency”. Microsoft beat Wall Street’s estimates and said artificial intelligence products were stimulating sales. Google parent Alphabet reported results on Tuesday as its digital advertisement sales held up better than expected and demand rose for cloud services. The strong results came as Meta’s tech rivals likewise appeared to be climbing out from an industry-wide slump that has prompted more than 150,000 layoffs across the sector. The company said its expenses for the year may be lower than it forecasted in March. Shares of the Facebook parent soared by 12 percent after the bell, adding more than $50bn to its stock market value with the profit also beating Wall Street estimates. ![]() Meta Platforms posted its first sales increase in nearly a year on Wednesday and forecast second-quarter revenue above market expectations, as digital advertisers returned to familiar platforms like Facebook and Instagram amid growing economic worries.
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