Meta is making a significant rebound on Wall Street, with its stock rising by as much as 21% following an impressive quarterly earnings report, potentially adding around $200 billion to its market capitalization, Bloomberg reports.
Meta’s stock surge marks one of the biggest single-session market value additions in history, surpassing the $190 billion gains made by Apple and Amazon in 2022. The company announced plans for a $50 billion stock buyback and its first quarterly dividend, which has strengthened investor confidence.
Despite substantial cost cuts and reducing the headcount by 22% in 2023, Meta continues to invest heavily in artificial intelligence advancements, particularly in generative AI and supporting technologies for its social media and advertising efforts.
