Shares of the Facebook parent company Meta spiked after it reported $28.6 billion in quarterly revenue and $2.20 earnings per share (EPS), surpassing estimates from analysts of $27.7 billion and $2.02, respectively.
Shares of Meta appreciated by 10% in after-hours trading after the report was announced. Its price will be the highest since February 2022, building on its 1% gain in regular trading Wednesday.
Mark Zuckerberg’s net worth rose by $8.4 billion as a result of the spike in share price.
Meta’s news is coming after Microsoft stakeholders smiled after the company posted a favorable Q3 earnings report for the 2023 fiscal year.
However, Meta had $4 billion loss in its pursuit of its Metaverse – its virtual reality world. The actual loss was more than estimates from experts and represented more than 30% larger loss in the segment than in the first quarter of last year.
Meta also cut its estimate for 2023 costs by another $3 billion after cutting its forecast by $5 billion in its February earnings release. This could be the early result of the company’s restructuring which saw thousands of workers fired.
Mark Zuckerberg & Meta Notable Stats
Meta has reduced its staff by over 20% after it fired 21,000 workers over the last six months.
Meta stock had its best day since July 2013 after the release of its earnings report in February, when it spiked by 23%. The surge came as Meta rolled out $40 billion in stock buybacks and beat expectations for sales.
According to Bernstein analyst Mark Shmulik, Meta’s stock can spike as much as 30% if TikTok is banned in the United States, According to the analyst, Meta’s Reels is by far the best-positioned American short-form video service to take up vacancy if it comes.
According to Forbes’ calculations, Mark Zuckerberg is the now 15th-richest person in the world and is worth $75 billion at market close on Wednesday. That’s a more than 100% increase from last fall but still nearly 50% lower than September 2021, when Zuckerberg’s fortune peaked at $136.4 billion.
