investors are extremely happy about Facebook taking a machete to their capital expenditures — terminating building leases, downsizing data centers — and the stock jumped like 18 percent in after-hours
(they still hate the metaverse spending tho)
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they beat the FTC this morning and they appeased wall street this afternoon
in short, a banner day if you love Meta AND capitalism
(and the opposite if you do not)
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first earnings call with new-ish COO Javier Olivan in attendance.
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“Our product trends look better than most of the commentary out there suggests” — Zuckerberg, with a good neg
theme of 2023 for Meta — "EFFICIENCY"
basically chopping middle managers, underperforming projects, improving productivity, speed, etc
(couldnt be me, sleepymike)
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Does anyone really believe what Zuckerberg says. He doesn’t follow through. He just loves the Metaverse beyond words now and could care about the rest of the company. I think it is just going to spiral down until he is out.
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