San Francisco | Mark Zuckerberg has laid out plans to further wrestle Meta’s costs under control in what he deemed a “year of efficiency” for the social media company, as its shares jumped on better than expected sales, guidance for lower expenses and a new $US40 billion ($56 billion) share buyback.

Meta, which owns Facebook, Instagram and WhatsApp, reported fourth-quarter revenues of $US32.2 billion on Wednesday (Thursday AEDT), a 4 per cent decline from the year before, but at the top end of its guidance and slightly above analysts’ estimates.

Financial Times