Meta surges on cost cut, buyback plans; lifts mega-cap stocks

Shares of Meta Platforms Inc soared nearly 20 per cent in premarket trading on Thursday as the Facebook parent wooed investors with plans to rein on costs and a new $40 billion share buyback.

The company further boosted investot confidence by forecasting first-quarter sales ahead of Wall Street estimates. "Promising that 2023 will be a year of efficiency was always likely to go down well with investors concerned about the largesse in spending directed towards the unproven potential of the metaverse," said AJ Bell, investment director at Russ Mould.

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