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Meta's $200 Billion Surge Is Biggest In Stock-Market History
An anonymous reader quotes a report from Bloomberg: Meta is poised to become Wall Street's top comeback kid. It was only a couple of years back the Facebook owner suffered the single biggest market value destruction in stock-market history. But the company has come a long way since then, on Thursday...
But the company has come a long way since then, on Thursday it dazzled shareholders with yet another impressive quarterly earnings report as the social media giant focuses on cutting back costs and shoring up billions in profits. Meta, which reduced headcount by 22% in 2023, unveiled plans for a $50 billion stock buyback, and announced its first quarterly dividend on Thursday, a sign to investors that it has money to spare and a reason for them to stick around. While the company is making big cost cuts, it continues to spend aggressively on artificial intelligence advancements, namely in generative AI but also on the background technologies to help feed its social media products and power its ad targeting.
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