Meta's stock wrapping up record year, spurred by cost cuts that followed disastrous 2022

December 18, 2023

Sales were dropping, TikTok was rising, and CEO Mark Zuckerberg's bet-the-house wager on the metaverse was looking like a money pit. It's now just 10% below its record reached in September 2021, near the peak of the latest tech boom. Meta's mega bounceback validates Zuckerberg's declaration in early February that 2023 would be the company's "year of efficiency" following the stock's 64% plunge in 2022. The results were driven by a rebound in digital advertising and market share gains over rivals Alphabet and Snap . And virtual reality continues to be a niche market, despite Meta's hefty promotions of its new Quest 3 headsets.