The owner of Facebook and Instagram added about US$200 billion to its market capitalization Friday, the biggest single-day gain in stock market history, in a rally following its fourth-quarter earnings report that beat expectations. (Bloomberg)
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The owner of Facebook and Instagram added about US$200 billion to its market capitalization Friday, the biggest single-day gain in stock market history, in a rally following its fourth-quarter earnings report that beat expectations. (Bloomberg)
Talking point: Investors rewarded Meta, which reduced its headcount by 22 per cent in 2023, after the company announced a US$50 billion stock buyback and its first-ever quarterly dividend, a rare move for a Silicon Valley tech giant. Amazon’s stock also got a bump Friday after reporting strong holiday retail sales, with other tech stocks joining the rally as well. It was a change from Wednesday, when shares of Microsoft, Alphabet and Advanced Micro Devices fell after they announced earnings that didn’t live up to high expectations for sales increases driven by artificial intelligence. As tech companies spend billions on AI, Meta and Amazon’s results demonstrate that investments in the technology don’t necessarily come at the cost of profitable growth.
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