Meta's Stock Surges 178% in 2023, Marking A Success For CEO Zuckerberg's 'Year of Efficiency' Pledge
Meta's stock is poised to have its best year ever in 2023, having gained 178%, validating CEO Mark Zuckerberg's declaration that 2023 would be a "year of efficiency" for the company. Sales were boosted by a rebound in digital advertising and gaining market share over rivals Alphabet and Snap. Meta benefited greatly from cost cuts implemented following its disastrous 2022, where the stock plunged 64%. Zuckerberg acknowledged economic challenges and cut over 20,000 jobs. Some analysts remain skeptical, noting Meta doesn't control key platforms, influencers are moving to competitors, and uncertainties over global policies targeting companies like TikTok.
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00:00 Benzinga and here's what's on the block. Meta's stock is poised to have its best year ever in
00:04 2023 having gained 178%, validating CEO Mark Zuckerberg's declaration that 2023 would be
00:11 a year of efficiency for the company. Sales were boosted by a rebound in digital advertising and
00:15 gaining market share over rivals Alphabet and Snap. Meta benefited greatly from cost cuts
00:20 implemented following its disastrous 2022 where the stock plunged 64%. Zuckerberg acknowledged
00:26 economic challenges and cut over 20,000 jobs. Some analysts remain skeptical noting that Meta
00:30 doesn't control key platforms, influencers are moving to competitors, and uncertainties over
00:34 global policies targeting companies like TikTok. For all things money visit Benzinga.com