META: Concludes Year of Efficiency with a Bang
META: Concludes Year of Efficiency with a Bang
(NASDAQ:META) Meta Presents Q4 FY23 Results
Meta Platforms
Weighting as of writing: 19%
6th February 2024 - FY23 Results
On February 1st, Meta shocked the world with Q4 FY23 results that included a $50 billion top-up to the share repurchase authorisation, the initiation of a dividend out of nowhere, a clean bill of earnings, and impressive guidance. Having retraced its 78% drawdown in the space of ~14 months, I feel this period of Meta history will be discussed for decades to come. I don’t want to waffle on about price-induced narrative metamorphosis, but I’ll say this. The sentiment was rosy before the drawdown. Sentiment was extremely pessimistic on the way down. Today it’s as though the recovery was obvious. Lots of back-patting and told-you-so-s. All noise. While it’s natural to be happy, celebrations are for when the race is over.
The extent to which the price action was warranted; I don’t know. Markets tend to over/underreact in the short term. Meta came to a point where serious questions …