Blowout earnings reports from tech giants Amazon and Meta Platforms pushed US blue-chip stocks to new record highs.
Shares in Meta, the parent of social media platforms Facebook and Instagram, jumped more than 20% on Friday after reporting that its revenues increased 25% to $40.1 billion in the fourth quarter, the fastest rate of growth since mid-2021, on the back of a rebound in online add spending.
It’s a first sign that Meta’s “year of efficiency” in 2023 is beginning to pay off. The company laid off more than 20,000 workers and cut overall expenses by 8% to $24 billion, enabling it to ramp up investment into Artificial Intelligence (AI). Meta plans to create AI virtual assistants for every user, content creator and advertiser.
The $197 billion surge in the value of the company on Friday, added $28 billion to the wealth of CEO and co-founder Mark Zuckerberg’s wealth. He will also receive $174 million when Meta pays its first ever dividend of 50 cents per share later this month.
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