NEW YORK (CNN) — Meta’s “year of efficiency” paid off in a big way.
The tech giant on Thursday reported that profits from the three months ended in December grew more than 200% to $14 billion, or $5.33 per share, exceeding Wall Street analysts’ expectations.
The company also announced its first-ever cash dividend of $0.50 per share to be paid out on March 26 to shareholders of record as of February 22, as well as a $50 billion share buyback.
“We intend to pay a cash dividend on a quarterly basis going forward,” the company said in a release.
The news sent Meta (META) shares popping more than 12% in after-hours trading Thursday.
–This is a developing story and will be updated.
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