Meta stock price jumps 19.11%

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Source: Dukascopy Bank SA


The stock price of the Facebook owner Meta soared at the start of the day's trading, the surge was attributed to the company announcing a $40 billion stock buyback and the CEO of the company announcing a "Year of Efficiency".

Meanwhile, the company's profits have fallen from $10.29 billion to $4.65 billion and earnings per share are down to $1.76 from $3.67 on an annual basis.

In general, the company's stock had been previously sold off by investors due to what was called the "Metaverse Lunacy". Namely, CEO Mark Zuckerberg had been dedicating major financial resources to the creation of the Metaverse. Comments made by Zuckerberg after the earnings publication indicated that the experimentation with the project might end and resources would be allocated to more profitable departments.
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