Meta: Amazon beat expectations with stellar results | Mint
Meta, formerly known as Facebook, saw its shares surge by 14% following better-than-expected results in its fourth-quarter earnings report. This surge was also fueled by the announcement of its first-ever dividend payment. Key figures include a 25% year-over-year increase in sales to $40.1 billion and a decrease in expenses by 8% to $23.73 billion. Net income tripled to $14 billion, with earnings per share at $5.33 compared to an expected $4.96. Additionally, Meta announced a $50 billion share buyback and a dividend of 50 cents per share. The company attributes its financial recovery partly to increased spending by Chinese retailers on advertising, contributing 10% to its sales for the year. Meta’s growth is further fueled by advances in artificial intelligence, with a focus on expanding its ad business. Despite ongoing scrutiny and challenges, including accusations of negligence in addressing child exploitation on its platforms, Meta remains bullish on its future, emphasizing investments in AI and computing infrastructure while maintaining a lean approach to hiring.
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