SHALOM OLALEYE
Meta’s board of directors has declared its inaugural dividend, offering shareholders a quarterly payout of US$0.50 per share.
In a remarkable display of financial prowess, Meta’s advertising arm continues to surge ahead, clocking a staggering 25% year-on-year increase in revenue, reaching an impressive US$40.1 billion in the last quarter.
The social media giant, led by CEO Mark Zuckerberg, has not only witnessed a meteoric rise in revenue but has also seen its net profit catapult from US$4.6 billion to a remarkable US$14
“We had a good quarter as our community and business continued to grow,
We’ve made a lot of progress on our vision for advancing AI and the metaverse.
Mark Zuckerberg said.
The positive news was coupled with Zuckerberg’s assurance that Meta remains steadfast in its commitment to advancing artificial intelligence and the metaverse, signaling continued investment in groundbreaking technologies.
Despite its soaring profits, Meta is not resting on its laurels, as the company is actively channeling funds into the development of virtual worlds through its Reality Labs division.