Meta: Stock Spikes Nearly 20% After Cost Cuts and a $40 Billion Stock Buyback Announcement

Meta Stock Buyback Announcement

1 Feb 2023, Meta Stock Buyback Announcement: Stock Spikes Nearly 20% After Cost Cuts and a $40 Billion

Facebook parent Meta has jumped up nearly 20% after the company announcing a $40 Billion stock buyback when it reported the quarterly results. The high-growing tech giant Meta has beat analysts’ estimates for its fourth quarter revenue. The company also said it lost about $13.7 billion in the past year in its business unit responsible for the Metaverse. While, the Google parent Alphabet added 3.7% and Amazon gained 2% too. 

Align Technology

The orthodontics company gained 14% in shares as it beat the analysts’ estimates in the last quarter. The company posted $1.73 per share as its quarterly earnings showcasing a revenue of $902 million. Analysts had anticipated a per-share value of $1.56 and the revenue to be $893 million. Beating the odds and rising above, the Align also announced that it will repurchase up to $1 billion of its common stock in the next three years. 


The medical product biggie has too gained 1.7% after its reports of first-quarter earnings. Its per-share earnings are above expectations. Hologic’s revenue was in line with expectations for the quarter, the company announced. 

e.l.f. Beauty-

The beloved cosmetics company’s shares saw a jump of 11% after it showed exceptional results in the analysts’ estimates in the third fiscal quarter. In its revenue collection, e.l.f Beauty posted an adjusted earnings of 48 cents per share, and a revenue of $146.5 million. Analysts at Refinitiv had called for per-share earnings of 23 cents with a revenue of $121.8 million. The company was also successful in raising its full-year outlook. 

C.H Robinson-

The freight company saw a stock drop of 4% after the company missed its expectations from analysts for the fourth quarter. C.H Robinson posted per share earnings of $1.03 on $5.07 million revenue, whereas the analysts had estimated its per-share earnings to be $1.38 on a revenue of $5.68 million. 


Snap Inc, the social media company saw an addition of 1.2%, making up ground after it had a selloff during the day, coming after it showed disappointing earnings in the fourth fiscal quarter report. 

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