Meta is slashing its costs by another $4 billion, and investors are thrilled

• Meta said it would slash its spending in 2023, with Mark Zuckerberg touting an efficiency drive.
• Investors cheered, sending Meta's stock up nearly 19% in after-hours trade.
• More job cuts could also be on the line after the company slashed 11,000 at the end of 2022.

Meta said Wednesday it would put the brakes on spending this year. Investors reacted with a cheer, sending the stock nearly 19% higher in after-hours trade.

The company said it expected capital expenditures to fall by $4 billion from what it had previously expected.