In its quarterly financial report Meta disclosed plans to lower capital expenditures for full-year 2023 to be in the range of $27-30 billion, lowered from a prior estimate of $30-33 billion.
The company said the reduced forecast is due to both cost savings, particularly on non-AI servers, as well as shifts in capital expenditures into 2024 from delays in projects and equipment deliveries rather than a reduction in overall investment plans.
Meta also said it expects higher infrastructure-related costs next year, higher depreciation expenses, and higher operating costs from running a larger infrastructure footprint.
