Meta
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Meta revenue soars as it pivots to AI and announces dividends for investors
Cash flow beat investor expectations and shares rose as the tech giant authorized a $50bn share buyback programMeta shares soared 15% in after-hours trading following a strong fourth-quarter earnings report released the day after CEO Mark Zuckerberg took a beating in a contentious congressional hearing.
The company also announced it will pay a 50 cent-per-share dividend to investors for the first time, and has authorized a $50bn share buyback program.
Overall, Meta reported fourth-quarter revenue of $40.1bn, beating the predicted $39.18bn and up 25% year-over-year. The report comes as Meta, like many of its big tech peers, is seeking to integrate artificial intelligence tools into its core products. In a statement accompanying the report, Zuckerberg said Meta has “made a lot of progress on our vision for advancing AI and the metaverse”.