Meta Stock Soars 25%, one of best trading day of tech giant!
Shares in Meta, had the best days in more than two years!
It’s shaping up to be a good day for Meta Platforms after a slow start of the year
Tweet on Meta stock fluctuation
@Meta Stock Soars 25%, Putting it on Pace for One of its Best-Ever Trading Days. #META pic.twitter.com/nbTYiEhlWZ
— The_Journalbiz (@the_journalbiz) February 2, 2023
Bloomberg chart on Meta
Shares in Facebook’s parent company jumped 26% in midday trading, putting the stock on pace for its best daily performance in nearly a decade.
At that pace, there is only one other day where the stock performed better. In July 2013, Meta’s shares rose 30% in one day.
At midday, the stock had gained $95 billion in market cap, touching nearly $500 billion in total value, according to Dow Jones Market Data. It closed Wednesday at $397 billion in total value.
In a bad year for markets in 2022, Meta was among the notable losers. Its stock fell 64% to shed some $600 billion in market value, as Meta was hit hard by heightened competition from TikTok and a slump in the digital ad market.
Under the surface, things weren’t great for Meta in the fourth quarter. The company posted a 55% decline in net profit from the year before. But investors are more focused on the year ahead.
Meta pointed on Wednesday afternoon to early signs of improvement. It expects lower costs in 2023 and forecast that first-quarter revenue would exceed sales during the same period in 2021, before Apple introduced privacy measures that curtailed revenue by cutting off the company’s access to data.
- Meta also said it would buy back an added $40 billion in shares.
A broader, Fed-fueled rally in tech stocks is probably helping, too. Shares in Amazon and Alphabet also gained premarket Thursday.
