> Don't they have an enormous cash pile? How does that translate to poor performance?

When you run a business, you look towards the future and what profit you're forecasting. You don't want to see decline in profits, you don't want to use your cash reserves to compensate for less profit.

Facebook reported $23.1 billion net profit in 2022, a decline on the $39.3 billion made in 2021.

Well they have some money in the bank, but culturally nobody thinks meta is the future (within USA at least). There is massive mistrust of their brand and any product they could ever make (be it lack of privacy or giving a terrible experience by over-monitizing).

I'm no financial expert, but wouldn't hoarding an "enormous cash pile" be a indicator of not using capital efficiently?