Meta stocks are booming because the company is promising a “year of efficiency”

Meta Stocks is all-in to becoming a slim, mean cash-printing machine.

In its Q4 earnings conference held on Wednesday Meta Chief Executive Officer Mark Zuckerberg explained the company’s near-term goals and strategies, painting the picture of a technological giant that is aiming to lean down and increasing speed.

The company exceeded revenue estimates during the quarter-end of 2022, earning $32.2 billion. The number of users on Facebook also have risen during the final quarter, and the platform had 1.98 billion active users per day in the first quarter of 2022 and 2.96 billion daily active users by September 2022.

These gains, along with Meta’s drastic cuts and its promises of a better 2023, drove the stock price up by around 15% during trading hours after hours. Meta was hit hard during the market downturn in 2022 and lost up to 60 percent of its value in the time.

Read More : Is ‘Meta’ a good stock for investment in 2022?

“We’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial,” Zuckerberg declared during the conference call to discuss earnings. “But my main focus is on increasing the efficiency of how we execute our top priorities.”

Meta Stocks is also cut its staff by 13 percent however, this latest quarter does not include those 11,000 jobs Meta cut during November.

“Our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” Zuckerberg stated.