Meta jumped 24 percent on Wall Street on the back of its financial result

02, Feb - NEWS

New York - Shares of Meta, the parent company of Facebook, Instagram and WhatsApp, jumped nearly 25 percent in early trading on Wall Street Thursday following the release of its quarterly and annual reports.

At about 10:35 a.m., shares in the Mark Zuckerberg-led company rose 24 percent to $189.75.

The social media giant's biggest gain in the session's history dates back to July 25, 2013, when the stock was up nearly 30% at the close.

Meta's results, released Wednesday, showed a historic revenue decline in 2022, mostly due to lower advertising revenue.

But the market seemed determined to focus on the fact that the decline was less than analysts had expected, and that Facebook's daily user base had reached 2 billion by the end of the year.

After the company had already cut 11,000 jobs in the fall, about 13% of its workforce, and froze hiring until the end of March, Meta also promised to limit its spending as Mark Zuckerberg wants to make 2023 "the year of efficiency."

The company also announced a $40 billion stock buyback program.

Several U.S. tech leaders also started the trading session on the plus side.

This includes Alphabet (Google), Amazon and Apple, which are due to release their quarterly results on Thursday after Wall Street closes.