Meta Platforms Inc. posted quarterly sales that topped estimates, gave a rosy revenue forecast and indicated Facebook and Instagram still have room to grow, signaling it’s on course for a turnaround after its most difficult year.
The company’s shares jumped more than 18% in extended trading after a fourth-quarter sales beat that was fueled by stronger advertising demand and more users for its major social networks. To build a more resilient company, Meta is working to become more efficient, more profitable and nimbler at developing new products, according to Chief Executive Officer Mark Zuckerberg.
“We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive,” he said on an earnings call with investors. “There’s going to be some more that we can do to improve our productivity, speed and cost structure.”
