Zuckerberg’s Success on Wall Street Prevails Despite Washington Setback

Meta, the social media company owned by Mark Zuckerberg, had a successful day on Wall Street despite facing criticism in Washington. The company reported strong quarterly profits, with a tripled year-on-year increase to over $14 billion. It also saw a surge in users, lower costs, and higher ad sales. Even its virtual reality unit, which has been mocked in the past, generated $1 billion in revenue. In a show of confidence, Meta declared its first-ever dividend of 50 cents per share and stated its intention to continue making quarterly dividend payments. The company’s shares rose over 12% in after-hours trading, reaching record highs. Analysts view this move as a sign of maturity for Facebook, which is approaching its 20th anniversary. Other tech giants such as Amazon and Apple also reported positive results. Despite facing regulatory challenges, Meta remains popular among users and advertisers, with nearly 3.2 billion people active on its platforms daily in December. The company’s revenue for the September-December period grew 25% year-on-year to over $40 billion. Meta’s cost-cutting measures, including job reductions, helped reduce expenses by 8% and lower headcount by 22%. Analysts praised Meta’s performance and anticipate further success as the company approaches its 20th anniversary.