Meta Soars 20% After Strong Earnings Beat, $50B Buyback Announced, Metaverse Push Continues
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Meta's stock jumped over 20% after better-than-expected earnings, adding nearly $200 billion to its market cap in one day - a record.
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Meta reported Q4 adjusted EPS of $5.33 on revenue of $40.11 billion, beating expectations. Guidance also topped estimates.
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The company announced new shareholder returns including a $50 billion increase to its buyback program and initiating a $0.50 per share quarterly dividend.
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Meta's Reality Labs division, focused on the metaverse, continues to lose money but beat revenue expectations for the quarter.
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Meta plans to increase hiring more expensive technical roles in 2023 amid a push into AI, expecting expenses between $94-$99 billion.