Meta Nears $1 Trillion Market Cap Following 'Year of Efficiency'

Company's focus shifts to artificial intelligence as it recovers from 2022 stock plunge

Meta Platforms' stock price has rebounded, nearing a $1 trillion market cap, following a 77% plunge in 2022.
CEO Mark Zuckerberg's 'Year of Efficiency' in 2023, which included over 20,000 layoffs and cost-cutting measures, has been credited for the company's recovery.
Meta's focus has shifted towards the booming artificial intelligence market, with plans to acquire billions of dollars worth of Nvidia chips to support its AI initiatives.
Despite the company's metaverse-focused Reality Labs division reporting $37 billion in operating losses since 2020, Meta's core business posted impressive growth in 2023.
Meta is set to report its fourth-quarter earnings on February 1, with analysts expecting the company to post its most profitable year ever.