Zuckerberg Earns $11 Billion in Hours; And Meta Stock Continues Rising.
The founder of “Meta (NASDAQ: META)” company, Mark Zuckerberg, has seen his wealth rise to a record high in the past few hours, as he earned nearly $11 billion in a single day after the company’s stock rose.
Meta’s profits in the first quarter of this year exceeded expectations, reaching $28.65 billion, compared to expectations of $27.91 billion.
The company also expects its revenues to increase in the second quarter of this year, ranging from $29.5 billion to $32 billion, while analysts expect revenues of $29.45, according to “Refinitiv.”
The company’s CEO, Mark Zuckerberg, said that the company has become more efficient in providing better-quality for its products.
He added: “We had a good performance in the first quarter, and the company will continue to grow.”
Stock Performance.
The stock is now witnessing solid gains, rising by 15% to $240.
The social media giant has managed to increase the value of the stock by about 72% in 2023 after Mark Zuckerberg announced the “Year of Quality” with the reports of the fourth quarter earnings of 2022, where he announced a wave of significant cost reductions focused on a wide layoff of employees (about 11,000 employees) and reducing some administrative costs and subsidiary projects.
European Stocks Rise Amid Strong Results.
European stocks rose on Friday, following the gains of Wall Street last night, supported by solid company results, while investors awaited estimates of GDP growth in the euro area in the first quarter to evaluate the strength of the region’s economies.
The STOXX 600 European index rose 0.3% but is on its way to its first weekly decline in six weeks. Construction and raw material company stocks were among the gainers on the index, rising 1%. Utility stocks fell 0.6%.
Mercedes-Benz Group’s share rose 0.9% after the luxury car manufacturer raised its average annual return on sales forecast.
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