Meta Stock Soars, Putting it on Pace for One of its Best-Ever Trading Days

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It's shaping up to be a good day for Meta Platforms.

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Shares in Facebook's parent company jumped 19% at the open, putting the stock on pace for its best daily performance in nearly a decade.

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There are only a few times where the stock performed better. In July 2013, Meta's shares rose 30% in one day. And in October 2012, they rose 19% in a day.

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In a bad year for markets in 2022, Meta was among the notable losers. Its stock fell 64% to shed some $600 billion in market value, as Meta was hit hard by heightened competition from TikTok and a slump in the digital ad market.

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things weren't great for Meta in the fourth quarter. The company posted a 55% decline in net profit from the year before. But investors are more focused on the year ahead..

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Meta pointed on Wednesday afternoon to early signs of improvement. It expects lower costs in 2023 and forecast that first-quarter revenue would exceed sales during the same period in 2021

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before Apple introduced privacy measures that curtailed revenue by cutting off the company’s access to data.

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Meta also said it would buy back an added $40 billion in shares.

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