Meta Platforms (NASDAQ:META) experienced a 19% jump in its share price intra-day today following the company’s announcement of exceeding quarterly expectations, the initiation of its first-ever dividend, and an expansion of its buyback program.
The company reported fourth-quarter earnings per share (EPS) of $5.33, outperforming the analyst prediction of $4.96 by $0.37. Quarter revenue reached $40.11 billion, surpassing the consensus estimate of $39.02 billion.
Looking into the first quarter of 2024, Meta Platforms anticipates revenue to be between $34.5 billion and $37 billion, exceeding the Street forecast of $33.83 billion.
Furthermore, Meta Platforms announced its first quarterly dividend of $0.50. In addition to the dividend announcement, Meta Platforms increased its buyback plan by an additional $50 billion, signaling strong confidence in the company’s financial health and future prospects.