Mark Zuckerberg’s Meta had a bad day in Washington this week. But on Wall Street, it took a victory lap.
The social media firm updated investors with a slew of good news: quarterly profits that tripled year-on-year to more than $14bn (£11bn), a surge in users, lower costs and higher ad sales.
Even its much ridiculed, money-losing virtual reality unit hit a milestone, generating $1bn in revenue.
Even its much ridiculed, money-losing virtual reality unit hit a milestone, generating $1bn in revenue.
That is a payout to shareholders – in this case of 50 cents per share.
The company, owner of Facebook, Instagram and WhatsApp, also pledged to keep the money flowing, saying it was in a strong financial position, and could invest in the business while still making plans for such payments on a quarterly basis “going forward”.
Shares in the company, already at record highs, surged more than 12% in after-hours trade.
Analysts said the decision to offer a dividend was a sign of maturity, as Facebook approaches its 20th birthday.
It confirmed the shift in investor sentiment from 2022, when shares in the company had swooned and a high-profile investor wrote a public letter to Mr Zuckerberg that the company had “drifted into the land of excess — too many people, too many ideas, too little urgency” and “needed to get its “mojo back”
Mark Zuckerberg’s Meta had a bad day in Washington this week. But on Wall Street, it took a victory lap.
Even its much ridiculed, money-losing virtual reality unit hit a milestone, generating $1bn in revenue.
The social media firm updated investors with a slew of good news: quarterly profits that tripled year-on-year to more than $14bn (£11bn), a surge in users, lower costs and higher ad sales.
That is a payout to shareholders – in this case of 50 cents per share.
Even its much ridiculed, money-losing virtual reality unit hit a milestone, generating $1bn in revenue.
Even its much ridiculed, money-losing virtual reality unit hit a milestone, generating $1bn in revenue.
That is a payout to shareholders – in this case of 50 cents per share.
The company, owner of Facebook, Instagram and WhatsApp, also pledged to keep the money flowing, saying it was in a strong financial position, and could invest in the business while still making plans for such payments on a quarterly basis “going forward”.
Shares in the company, already at record highs, surged more than 12% in after-hours trade.
Analysts said the decision to offer a dividend was a sign of maturity, as Facebook approaches its 20th birthday.
It confirmed the shift in investor sentiment from 2022, when shares in the company had swooned and a high-profile investor wrote a public letter to Mr Zuckerberg that the company had “drifted into the land of excess — too many people, too many ideas, too little urgency” and “needed to get its “mojo back”
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