Why Meta Platforms Stock Rose by Nearly 26% in February
Shares of Meta Platforms (NASDAQ: META) rose by 25.6% during February, according to data provided by S&P Global Market Intelligence. The majority of the upward move occurred on Feb. 2, the day after the company reported financial results for the fourth quarter of 2023 and initiated a quarterly dividend for the first time.
At the start of the year, Meta Platforms' co-founder and CEO Mark Zuckerberg dubbed 2023 the "year of efficiency," meaning he was pushing the company toward robust improvements to profitability. The company delivered in dramatic fashion. It earned over $39 billion in net income in 2023, which was good for a stellar net profit margin of 29%.
It didn't just hit $39 billion in net income -- Meta Platforms grew the top line as well. In 2023, the company's revenue had a 16% year-over-year increase. Rates for its ads had a modest improvement whereas ad impressions were up big time, partly thanks to strong engagement from its still-growing user base.
Source Fool.com
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