Team Blitz India
NEW DELIH: Facebook parent Meta Platforms saw a record-breaking single day gain of $196 billion in stock market value on February 2, according to a Reuters report. The surge, which came after Meta declared its inaugural dividend and revealed robust financial results, marks the largest single-day increase in Wall Street history.
Days ahead of Facebook’s 20th anniversary, Meta authorised an additional $50 billion in share repurchases and announced a quarterly dividend of 50 cents per share. While dividends are commonly associated with mature companies, Meta has become the fourth among Silicon Valley’s leading tech giants, alongside Apple, Microsoft, and Nvidia, to offer dividends.
In 2023, Meta also reduced its headcount by 22 percent, demonstrating a commitment to cost-cutting measures, as per a Bloomberg report.
“The Year of Efficiency has paid off, with both headcount and costs dropping, and Meta exceeding expectations for full-year 2023 ad revenue,” Jasmine Enberg, principal analyst at Insider Intelligence told Reuters.
