Investors are loving Meta's quarterly results, stock up 15% after-hours

Just like how Microsoft announced its quarterly results recently, Meta has also reported on its latest quarter. Mostly driven by the success of its bet on AI, the tech giant had a busy year with Meta AI, Emu, its new tool for video asset creation, and Llama 2.

The company says that it tripled its profits beyond expectation, amassing a total of $40,1 billion in revenue in that quarter alone, a 25% increase from the same quarter last year ($32,1 billion). That amount makes up Meta’s all-year revenue in 2023, which totals $134,9 billion, and it’s a 16% jump from the same period in 2022.

And the investors are loving its first-ever dividend. As of now, at the time of this writing, Meta’s has recorded a 15% increase in after-hours trading shares and had its highest stock closing price in the past five years by around $400, if not an all-time record.

“We expect first quarter 2024 total revenue to be in the range of $34.5-37 billion. Our guidance assumes foreign currency is neutral to year-over-year total revenue growth, based on current exchange rates,” the company says. 

Facebook also saw an increase of 6% in its daily active users and 3% in its monthly active users year-over-year, reaching 2.11 billion and 3.07 billion users, respectively.