through the first quarter of 2023.The company lowered its 2023 expense guidance by $2 billion, a change that came after only two weeks of issuing the previous higher forecast.
"Meta and Zuckerberg heard loud and clear the massively negative investor reaction to perceived lack of cost discipline," Mark Mahaney, an internet analyst at ISI Evercore, wrote in a note to investors on Wednesday. Zuckerberg was the poster-child for the concept of the mercurial tech founder who made decisions quickly and broke things, but created massive wealth for venture capitalists and Wall Street for many years. Few investors questioned his calls until Meta shares started plummeting in the past year, wiping out almost $1 trillion in market value.
something is brewing...😅🫣
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