Meta's Stock Surges 178% in 2023, Marking A Success For CEO Zuckerberg's 'Year of Efficiency' Pledge
- 5 months ago
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.