Meta Platforms (NASDAQ: META) is cutting back on its capital expenditures, but it's still outspending its big tech peers. The parent of Facebook and other social media sites doubled its capex from 2020 to 2022, reaching $32 billion last year.

That topped both Microsoft at $24.8 billion and Alphabet at $31.5 billion. And even after focusing on cutting costs during its "Year of Efficiency," Meta's capital expenditures are still outpacing those of Microsoft and Alphabet.

Meta expects to reduce capex to between $27 billion and $30 billion this year. But has it gone far enough?

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Source Fool.com