00:00 It's Benzinga and here's what's on the block.
00:02 Meta's shares surged 17% in pre-market trading on Friday after the company reported a tripling
00:07 of profits in the fourth quarter and issued its first-ever cash dividend.
00:10 Meta's revenue jumped 25% year-over-year to $32.2 billion in the fourth quarter,
00:14 marking its fastest growth rate since mid-2021 as the online ad market rebounded. Investors
00:20 welcomed Meta's decision to pay a 50-cent-per-share dividend on March 26 in the company's first-ever
00:24 cash dividend. Meta also announced a $50 billion share buyback program, boosting shareholder
00:29 returns. Meta's reality lab segment, including VR, reached a billion dollars in sales in Q4,
00:34 though recorded a $4.65 billion loss for the year. The dividend and profit growth
00:38 signaled Meta's year-of-efficiency strategy in 2023 paid off after heavy investments in
00:43 new initiatives. For all things money, visit Benzinga.com.
