Meta Platforms and Amazon.com added a combined $280bn in stock market value after the tech giants reported impressive quarterly results.
It wasn’t such good news for Apple whose value shrank by $70bn after its results.
Meta‘s stock surged over 14% to a record high $451 elevating its overall value by $148bn to $1.16trn after the Facebook owner declared its first-ever dividend.
The figures come after a year that saw a boost in digital advertising as well cost-cutting and layoffs in what chief executive Mark Zuckerberg called the “year of efficiency”.
“This was a pivotal year for our company. We increased our operating discipline, delivered strong execution across our product priorities, and improved advertising performance for the businesses who rely on our services,” Meta said in a statement.
Amazon‘s stock jumped 8% after the company beat December-quarter revenue expectations on strong growth in online spending during the critical holiday shopping season.
That put the online shopping and cloud-computing heavyweight’s market value at $1.78trn.
Apple‘s quarterly results beat analysts’ expectations, but its sales in China missed estimates and its stock dipped 3.3%.
Pic: Reuters
Apple faces tough competition in China, which has worried Wall Street in recent months.
Some analysts are concerned the company’s signature product is losing ground in the key Asian market where consumers are buying foldable phones and phones from Huawei, powered by a China-made chip.
This story originally appeared on Skynews
