Facebook parent company pays first dividend

Meta Platforms on February 1 announced its first cash dividend, of $0.50 a share, starting this quarter.

Meta Platforms, Facebook's parent company, announced on February 1 that its fourth-quarter 2023 profit increased more than 200% year-over-year to $14 billion, exceeding analysts' forecasts. Revenue also increased 25% to more than $40 billion.

Meta also announced its first cash dividend yesterday, at $0.50 a share. The payment will be made at the end of March.

“We intend to pay quarterly cash dividends, starting this quarter,” Meta said in a statement. The news sent Meta shares up more than 14% in after-hours trading on Feb. 1.

Meta CEO Mark Zuckerberg at the company's headquarters in California (USA) in September 2023. Photo: Reuters

Meta also announced a $500 billion stock buyback. Dividends and buybacks help boost stock prices, but these policies have often been criticized for inflating prices and failing to spend on employees or improve operations.

For the full year of 2023, Meta's profit increased by nearly 70% to $39 billion. Its shares also increased by more than 100% compared to the same period last year.

Meta has targeted 2023 as its “year of efficiency.” The company has cut staff and other expenses to revive revenue and stock price.

"Our community is growing. Our businesses are back on track. I want to thank all of our employees, partners, shareholders, and communities for sticking with Meta and making 2023 a success," said Meta CEO Mark Zuckerberg.

Meta said its daily active users grew 6% year-over-year to more than $2.1 billion. X rival Threads also reached 130 million monthly active users, a strong growth figure despite its smaller platform.

Another highlight of yesterday’s report was that Meta’s average ad price increased 2% year over year. Advertising remains the company’s main source of revenue, with $38.7 billion in the last quarter, up nearly 24%.

In the current quarter, Meta forecasts revenue of $34.5-37 billion, up 20% year-over-year.

Ha Thu (according to Reuters, CNN)

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