$Meta Platforms, Inc.(META)$ missed earnings but exceeded revenue last quarter and showed annual Daily Active User growth of 5% yoy on FB at 2 billion.

Main headlines of the Oct 22 call that sank the stock 25% was

1. Zuckerberg was going to increase spending on the Metaverse

2. Headcount would remain the same

3. Basically ignoring investor calls to cut costs.

4. Significant reduction in free cash flow.

Main headlines of the Jan 23 call that rallied the stock 25% in addition to increased revenue:

1. Massive cost cutting and headcount reduction with 13% staff laid off and likely more to come (another 10k reported later)

2. AI is reversing the damage from Apple privacy rules

3. 40 billion dollar share buyback plan this year which at the time would be 10% of all float on the stock.

4. Much less emphasis on the Metaverse.

To be clear this stock is only up a ton for people who bought it when it was ridiculously oversold in the Fall of 2022 and went as low as a price to book of 2 ( $Apple(AAPL)$ is 40) and a PE of 10. It's merely returned to prices of about 6-9 months ago.