meta continued big tech’s earnings hot streak with its strong quarterly report released wednesday afternoon sending its shares rallying as its billionaire ceo mark zuckerberg’s commitment to trimming costs proves popular among investors meta’s earnings come a day after microsoft and google parent alphabet each beat expectations for profit and sales in their own reports those three companies along with fellow tech giants amazon apple nvidia and tesla have added a combined 2 trillion in market capitalization thus far in 2023 accounting for most of the sp 500’s gains though meta’s nearly 70 rally yeartodate places it among the top performers on the sp it is still down about 45 from its 2021 alltime high meta’s rapid stock decline largely came as wall street soured on the companys decision to invest heavily in the metaverse meta has reported more than 20 billion in losses in its metaverse segment since changing its name from facebook to meta during the fourth quarter of 2021 21000 that’s how many employees meta has let go over the last six months cutting its headcount by more than 20 meta stock had its best day since july 2013 following the release of its earnings report in february rallying 23 the surge came as meta slashed its forecast for 2023 costs by 5 billion rolled out 40 billion in stock buybacks and beat expectations for sales a tiktok ban in the us could cause meta’s stock to spike as much as 30 bernstein analyst mark shmulik estimated in a note to clients last month noting meta’s reels is by far the bestpositioned american shortform video service to capitalize on the possible vacuum left by tiktok zuckerberg was worth 75 billion at market close wednesday per forbes’ calculations making him the 15thrichest person in the world that’s a more than 100 increase from last fall but still nearly 50 lower than september 2021 when zuckerberg’s fortune peaked at 1364 billion meta profitability still under pressure as virtual reality fails to translate to realworld results forbes these 7 tech stocks command almost 90 of the sp 500’s gains—signaling market rally may not be so healthy forbes banning tiktok would boost alphabet meta and snap—here’s how much their stocks could jump forbes a tiktok ban would be a godsend for youtube and instagram forbes