Meta shares soar as Facebook owner forecasts upbeat first-quarter revenue

Shares of peers Alphabet (the parent company of Google) and Snap also rose after the social media giant issued its upbeat revenue outlook.

Meta (Facebook) said in November it would cut more than 11,000 jobs. Picture: Brian Lawless/PA

Meta (Facebook) last night forecasted stricter control of expenses this year and first-quarter sales that could beat Wall Street estimates, sending shares soaring 19% in after-hours trade.

The world's biggest social media company cut its cost outlook for 2023 by $5bn (€4.55bn) and expanded its share buyback programme by $40bn.