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Asian markets rose after the US tech giant reported better-than-expected results.
Asian markets rallied after Meta and Amazon reported better-than-expected earnings results, sending the tech giants’ stocks soaring.
In Hong Kong, where stocks fell on weak economic data from mainland China, the Hang Seng index rose about 2% in morning trading on Friday before paring its gains, while Japan’s benchmark Nikkei stock average rose 1%. did.
India’s NSE NIFTY 50 index rose over 1.5%.
Facebook parent company Meta on Thursday reported revenue of $40.1 billion and profit of $14 billion in the fourth quarter of last year, significantly higher than analysts expected.
Meta’s stock price rose more than 14% in after-hours trading to more than $445.
Meta reached a major milestone on Thursday, becoming the first of its generation of tech unicorns (companies that reach a valuation of $1 billion before listing on the stock market) to pay a dividend of 50 cents per share. announced that it would pay money to shareholders.
“It was a good quarter as our community and business continue to grow,” Meta CEO Mark Zuckerberg said in a statement.
Amazon’s fourth-quarter results also exceeded expectations with sales of $170 billion, and the stock price rose 9%.
Amazon’s AWS cloud business also performed well last quarter, with revenue reaching $24.2 billion.
“This fourth quarter was a record holiday shopping season, capping off a strong 2023 for Amazon,” Amazon CEO Andy Jassy said in a statement.
Both Meta and Amazon are aggressively cutting costs, with the tech giants laying off about 48,000 employees across the companies starting in 2022.
The tech giant’s strong performance added $280 billion to U.S. markets on Thursday, with the S&P 500, Nasdaq Composite Index and Dow Jones Industrial Average all closing higher.
Meta and Amazon’s stronger-than-expected fourth-quarter results come amid a rocky start to 2024, amid heightened scrutiny from U.S. regulators over online safety concerns and antitrust violations. It is a bright material.
Fellow tech giant Apple reported better-than-expected fourth-quarter results on Thursday, but its stock fell 3.3% after iPhone sales in China fell 13%. In China, local brands are losing their once-dominant market position.
Google’s parent company Alphabet reported fourth-quarter results Tuesday that fell short of analysts’ expectations, sending its stock price down more than 6%.
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