Meta Stock Is Having Best Day in a Decade

Parent company of Facebook has investors optimistic about 2023
By John Johnson,  Newser Staff
Posted Feb 2, 2023 1:51 PM CST
Meta Stock Is Having Best Day in a Decade
Mark Zuckerberg speaks at Georgetown University in 2019.   (AP Photo/Nick Wass, File)

Thursday is turning out to be a very good day for Facebook parent company Meta and CEO Mark Zuckerberg. Shares in the company had surged 26% by midday, reports the Wall Street Journal. Assuming the pace keeps up, this will wind up being the company's best stock day since a 30% spike in July 2013. One factor is that the company announced Wednesday that it beat analysts' expectations in the fourth quarter (though not by much). Another was the proactive tone of Zuckerberg, who promised a "year of efficiency."

CNBC points out the rosy tone in analyst notes Wednesday night and Thursday morning. “Does META Really Deserve To Be Up 20% In The After-Market?!” wrote Mark Mahaney of Evercore ISI. “Yes.” He mentioned “materially reduced expense projections” and the company's bigger-than-expected stock buyback plan of $40 billion. What's good for Meta is good for Zuckerberg: HIs net worth rose by nearly $14 billion on Thursday, per Forbes, a spike that lifted him six spots to No. 16 on the world's-richest list. For context, Forbes also notes that Meta's share price of $193 on Thursday afternoon is down 50% from its peak in 2021. (More Meta stories.)

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