Posted 2/2/2024, 4:06:46 PM
Meta Soars 21% on Earnings Beat, $50B Buyback; Outlook Brightens on AI Progress
- Meta's stock surged 21% on strong earnings, adding $200B in market value, the biggest single-day gain ever
- The company cut costs by 22% in 2023 and announced a $50B stock buyback and first ever dividend
- Meta is investing heavily in AI advancements for its social media products and ad targeting
- The outlook has improved with faster growth and increased capital efficiency
- Meta's AI pipeline is robust with more tools set to launch in 2024