Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Meta, Amazon Add $270 Billion in Market Cap

Sat 03 Feb 2024 | 12:23 AM
Taarek Refaat

Both Meta and Amazon Both reported better-than-expected earnings on Thursday, sending their stock prices up $270 billion in additional trading and validating the “belt-tightening” strategies that have characterized the past 16 months in the technology sector.

Meta, which reduced the number of employees by 22% in 2023, revealed a plan to buy back shares worth $50 billion, and announced the first quarterly plan in its history to distribute dividends to shareholders. 

This represents a signal to investors that the company has surplus funds, and that there is a reason for them to continue with it. Amazon investors asked about any plans to return capital to shareholders, and the position of executives was unclear. Amazon embarked on its largest ever round of job cuts starting in 2022, which included about 35,000 employees last year. 

The company has already announced an expected reduction of more jobs during the year 2024, in the live broadcasting activities, “Prime Video”, studios, and “Twitch”, which is affiliated with it.