Facebook And Instagram Parent Meta Platforms Sets Stock Market Record, Adding $200B In Market Value In A Single Day

Facebook and instagram mother company Metaplatforms set a stock market record on Friday, adding $200 billion in market value in a single trading day, immediately after a spectacular earnings report.

The 20% increase in the technology giant market price, to an all-time high of $474.99, following the company's stellar fourth-quarter earnings report Thursday afternoon. Revenue for the period ending December 31 soared 25% year over year to $40.1 billion, driven by growth in ad impressions across the company's entire social media portfolio, which is now reaches 4 billion users per month.

Total revenue and earnings per share exceeded Wall Street forecasts. In addition to the positive news, the company announced a share buyback and its first shareholder dividend, in the amount of 50 cents. CEO Mark ZuckerbergThe declaration a year ago that 2023 would be “the year of efficiency” helped boost shares in recent months as the company implemented a 22% reduction in its workforce.

According to Bloomberg data, the stock's rally gains are the largest by any company in a single trading day. Meta's market value is now more than $1.2 trillion, making it one of the few most valuable companies in the public markets.

The stock's rise helped improve the company's narrative as the week came to a close. On Wednesday, CEO Mark Zuckerberg I have an ear of members of the U.S. Senate and stood to offer an awkward apology for the company's role in harming children, the focus of the Senate committee hearing.

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