This week in earnings: Meta jumps 16% following blockbuster results, UPS sinks
Investing.com | Author Davit Kirakosyan
Published Feb 02, 2024 20:56
Investing.com — Here is your Pro Recap of the earnings reports you may have missed this week: Meta Platforms, Apple, Alphabet, and UPS.
Meta Platforms stock jumps on beat-and-raise, ProPicks soars on the news/h2
Shares of Meta Platforms (NASDAQ:META) experienced a surge of over 16% in pre-market today after the company released strong Q4 earnings, declared its first-ever quarterly dividend, and announced a new share buyback plan.
The tech giant reported Q4 EPS of $5.33, significantly outperforming the anticipated $4.96 by analysts. Its revenue saw a 25% increase year-over-year, reaching $40.11 billion and exceeding the consensus of $39.02B.
Looking ahead to Q1/24, Meta Platforms anticipates revenue between $34.5B and $37B, which is above the consensus estimate of $33.83B.
The company also declared its first-ever quarterly dividend of $0.50, with a scheduled payment date of March 26, offering an annual dividend yield of 0.5%. Additionally, the company's board approved a substantial expansion of its share repurchase authorization, adding another $50B to the program.
But how would you know enough to buy it ahead of the report?
Well, our predictive AI tool, ProPicks, did. By compiling a multitude of factors, including the long-term history of the stock market and state-of-the-art fundamental analysis, ProPicks was able to include Meta in its Beat the S&P 500 strategy earlier in the day, providing its users an incredible start to the month.
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Written By: Investing.com
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