Meta Surges on Increased Revenue Outlook

Jul 27, 2023 By MarketDepth

Breaking Business Headlines Technology What's Hot

Meta logo

Meta Platforms (META:NASD) announces double digit revenue growth, this is the first revenue growth since 2021. The company announces revenue guidance between $32 and $24.5 billion topping analyst expectations. That revenue growth implies a 15% YoY growth.

Meta started announcing layoffs and other cost cutting measures as the company started to see economic uncertainty on the horizon. The company cut 21,000 jobs, which accounts for 14% of the Meta work force. This cost saving measure has brought in capital expenses down to the $27-30 billion range down from $30-33 billion.

The company has turned around after 3 quarters of revenue decline. This sets up the company’s new projects including threads for growth.