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16 February 2024

HomeLatest NewsAmazon and Meta surge, while Apple drops

Amazon and Meta surge, while Apple drops

Amazon and Meta surge, while Apple drops

Amazon and Meta surge, while Apple drops

(Reuters) Meta Platforms and Amazon.com added a combined $280 billion in stock market value late on Thursday after the Big Tech duo reported quarterly results that impressed investors, while Apple’s value shrank by $70 billion after its results.

Meta‘s stock surged over 14% to a record high $451 after the bell, elevating its market capitalization by $148 billion to $1.16 trillion after the Facebook owner declared its first-ever dividend.

While dividends are associated with mature, slow-growth companies, Meta delivered a 25% jump in revenue to $40.1 billion for the December quarter, fueled by robust advertising and device sales.

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 capitalization at $1.78 trillion.

Apple’s quarterly results beat analysts’ expectations, but its sales in China missed estimates and its stock dipped 3.3%. Apple faces tough competition in China, which has worried Wall Street in recent months.

Investor optimism about generative AI drove rallies in the U.S. stock market’s most valuable companies last year, with many hitting all-time highs in recent sessions.

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