Tech

Meta and Amazon wow investors with better-than-expected earnings

Facebook parent unveils plans for a $50 billion stock buyback and announces its first ever quarterly dividend

Meta’s chief executive Mark Zuckerberg said he plans to keep headcount growth ‘relatively minimal’ for 2024 and beyond despite the company’s lofty ambitions. Picture: Bloomberg

Meta Platforms and Amazon have both reported better-than-expected earnings, with their stock prices soaring by a combined $270 billion in after-hours trading.

Meta, which cut headcount by 22 per cent in 2023, unveiled plans for a $50 billion stock buyback, and even announced its first ever quarterly dividend — a sign to investors that it has money to spare and a reason for them to stick around.

The company reported strong fourth-quarter results, posting a ...