Meta Platforms Shares Soar After Announcing Stock Buyback Program

Meta Platforms ($META@US) shares soared to their best day in nearly a decade after the social media giant announced a $40 billion buyback program and cut expenses. Meta shares closed Thursday up 23 percent to $188.87 and are up 57 percent year to date. The stock recorded its largest percentage increase since July 2013, when it rose nearly 30 percent. Meta posted better-than-expected fourth-quarter revenue of $32.17 billion, despite its third consecutive quarter of declining sales and a net income of $4.65 billion.