Meta shares up 20% as it announces cost cuts, $40 bn stock buyback

Meta's shares surged 20% in extended trading on Wednesday as the company cut its cost outlook for 2023 by $5 billion and boosted its stock buyback program by $40 billion. The shares jumped despite Meta's revenue falling 4% to $32.17 billion and net income falling 55% to $4.65 billion in Q4. This was the third straight quarter wherein revenue declined.