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Meta shares soar lifting Zuckerberg’s net worth

meta platform is leading tech stock revival That's despite Facebook's parent company reporting a decline in fourth-quarter revenue from a year ago on Wall Street.

the meta is on the rise CEO Mark Zuckerberg Net worth increased by $10.86 billion in one day.

Facebook CEO Mark Zuckerberg testifies about Facebook's impact on the and housing sectors during a House Financial Services Committee hearing on Capitol Hill in Washington, October 23, 2019. (AP Photo/Andrew Harnick)

Zuckerberg's total stake in Meta was valued at $64.54 billion during early trading, a 20% increase compared to its value of $53.68 billion at Wednesday's close, as tracked by Dow Jones Market Data Group.

Shares of the social platform are up significantly on Thursday, surging nearly 25% in the green and boosting Zuckerberg's bank account.

“Meta shares have seen a jet-fuelled rebound on news of the cost-based renegotiation,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdowne. “The market has been concerned about the company's bloated expense line and lack of direction for some time, and these results demonstrate an effort to address both of those issues.”

“Importantly, capital expenditure is set up to be funneled towards the group's core family of apps,” Lund-Yates said, which will go a long way to calm investors' nerves, as some data centers Will leave projects behind.”

anchor Last Change Change %
meta Meta Platforms Inc. 188.80 +35.68 +23.30%
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nasdaq rallies

Meta rally helping Nasdaq Composite lift even higher since midweek turnaround Federal Reserve announcement To raise the federal funds rate by 25 basis points to a range of 4.25%-4.75%.

“Year-to-date, Meta's shares are up 23% versus the Nasdaq, which climbed 14%. The market, with its eyes firmly set on the future, clearly priced in Meta's revenue rebound With peak coming in. The view, and the recovery lane for the economy well indicated, is cautious optimism that Meta may prove his bulls right, Lund-Yates said.

On Wednesday, the Fed accelerated the rally after it said it would raise its benchmark interest rate by only a quarter point, providing traders with further evidence of a slow campaign to calm inflation.

Since Fed Chair Powell's remarks, the Nasdaq Composite has accelerated the US benchmark's recovery as other tech such as Amazon, Apple and Alphabet look to continue their upward charge into 2023.

anchor Security Last Change Change %
me: comp NASDAQ Composite Index 12200.818021 +384.50 +3.25%
amzn AMAZON.COM INC. 112.91 +7.76 +7.38%
AAPL apple inc. 150.82 +5.39 +3.71%
Google Alphabet Inc. 107.74 +7.31 +7.28%

Meta's Fourth Quarter Rundown

facebook parent company meta

In this illustration taken on October 28, 2021, a smartphone with the Facebook logo is seen with the new rebranded logo meta. (Reuters/Dado Ruvik/Illustrations/Reuters Photos)

revenue in social media company reached $ 32.17 billion In the last quarter of 2022. Although revenue fell 4%, the number still topped Wall Street's estimates of $31.65 billion. Advertising revenue exceeded forecasts to $31.25 billion.

Net fell 55% to $4.65 billion for the three months ended December 31.

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Meanwhile, adjusted earnings per share (EPS) came in at $1.76, below expert forecasts of $2.26.

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Facebook reported 2 billion daily active users and 2.96 billion daily active users across the company's family of apps.

fox reporter Megan Haney contributed to this story.

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