Meta’s share price has more than doubled this year. What’s driving the recovery?

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Meta’s share price has more than doubled this year. What’s driving the recovery?

What happened?

Meta’s share price has gone through a roller coaster ride in the past two years. Its share price declined sharply in 2022 from $331 to $90, driven by slowing growth from its core business of Facebook and Instagram, as well as intense competition from TikTok.  In addition, rising interest rates weighed on sentiment towards technology stocks.  2023 has been proven to be a good year for Meta’s shareholders, as its share price has rallied 168% year-to-date.  Let us dive deeper to understand what is driving the recovery in Meta’s share price. Source: Webull

What investors may like about Meta

#1 – Meta has been cutting cost aggressively

Many tech companies added more headcount during the Covid-19 pandemic when more users spent hours on social media for virtual interaction, shopping and entertainment.  Since 4Q22, Meta has been reducing its headcount as part of its cost reduction programme.  An…



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