The shares jumped more than 14% in extended trading. The stock had gained 12% this year through Thursday’s close after nearly tripling last year.
Meta Platforms Inc announced plans to buy back an additional US$50 billion in shares and issue its first-ever quarterly dividend as CEO Mark Zuckerberg works to convince investors that his costly bets on the metaverse and artificial intelligence will pay off.
The social media giant also reported strong fourth-quarter results, posting a 25% gain in sales and profits that tripled, while also projecting revenue growth for the current period that surpassed projections.
