United States: The stock market value of Meta Platforms and Amazon increased by a combined $280 billion following the tech giants’ stellar quarterly results. Meanwhile, Apple’s value dropped by $70 billion.
Following the announcement of its first-ever dividend by Facebook’s owner, Meta’s stock shot up 14 percent to a record high of $451, increasing the company’s total value by $148 billion to $1.16 trillion.
The data is released following a year that saw a rise in digital advertising, cost reductions, and job losses during what CEO Mark Zuckerberg dubbed the “year of efficiency.”
“This was a pivotal year for our company. We increased our operating discipline, delivered strong execution across our product priorities, and improved advertising performance for the businesses who rely on our services,” Meta said in a statement.
Amazon’s stock surged 8 percent following the company’s revenue beat forecast for the December quarter due to robust growth in online spending during the crucial holiday shopping season.
This made the market value of the industry leader in cloud computing and online shopping $1.78 trillion.
Apple’s quarterly results beat analysts’ expectations, but its sales in China missed estimates, and its stock dipped 3.3 percent.
Some analysts worry that the company’s flagship product is losing ground in the important Asian market, where customers are purchasing Huawei phones with chips made in China, as well as foldable phones.
Alphabet, the parent company of Google, reported fourth-quarter financial results on Tuesday that fell short of analysts’ expectations, causing shares to drop more than 6 percent.
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