Meta shares rallied after the company reported better-than-expected revenue and told investors that it's getting more efficient.
temporarily quelled investor discontent with his company's multibillion-dollar investment into the futuristic metaverse.
Rather, Zuckerberg's commitment to cost cuts and efficiency is a sign that increasing profitability is important to Meta, which was known as a growth machine prior to last year's slump. Meta is also reducing spending as it builds new data centers that are intended to be more efficient while still able to power the company's various artificial intelligence technologies. Capital expenditures are now expected to be in the range of $30 billion to $33 billion for 2023 instead of $34 billion to $37 billion.
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