Communication Services · resolves 24.02.01 · closed

In October 2022, would Meta spend less on capex in 2023 than in 2022?

With Meta's stock down about 70% in 2022, Altimeter's Brad Gerstner published an open letter asking Meta to cut annual capex from about $30B to $25B. Two days later Meta guided 2023 capex to $34-39B, up from 2022.

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Outcome: Yes · resolved 24.02.01 · https://investor.atmeta.com/investor-news/press-release-details/2024/Meta-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Initiates-Quarterly-Dividend/default.aspx · a stance dated before that is a call, marked right or wrong below

Where the experts stand

Yes

2 on record 67%

1 on record 33%

Where the public stands

Yes

0 answers —

0 public answers · one per account Closed to new answers.

Yes — 2 on record Right

Mark ZuckerbergExecutive · BEATS —

Our management theme for 2023 is the 'Year of Efficiency'

said 23.02.01 on Meta Q4 2022 earnings release · source

Brad GerstnerBEATS —

Reduce annual capex by at least $5B from $30B to $25B

said 22.10.24 on Altimeter open letter (Medium) · source

No — 1 on record Wrong

David WehnerBEATS —

First, we are significantly expanding our AI capacity. These investments are driving substantially all of our capital expenditure growth in 2023.

said 22.10.26 on Meta Q3 2022 earnings call · source

How it resolves · 24.02.01 · Yes if Meta's full-year 2023 capital expenditures (including principal payments on finance leases), as reported in its Q4 2023 earnings release, are below the 2022 figure of $32.04B. Actual: 2023 capex was $28.10B, about 12% below 2022. Meta had cut its 2023 outlook to $30-33B on 2023-02-01 (the 'Year of Efficiency' call). · by Meta Q4 and full-year 2023 earnings release (8-K Exhibit 99.1), 2024-02-01 Dispute a quote