Meta last exceeded $1 trillion in market cap in 2021, when it was still known as Facebook. It was the company’s first time hitting the milestone. In September 2021, its market cap approached $1.1 trillion.
The company’s soaring stock performance comes on the heels of an almost 200% surge last year, when CEO Mark Zuckerberg instituted cost-cutting measures that brought about more than 20,000 job cuts. Zuckerberg described 2023 as a “year of efficiency” after its stock plummeted to a six-year low in 2022.
Shares of Meta peaked at around $396 per share during intraday trading Wednesday. The stock was up more than 10% year to date at market close Wednesday.
Shareholders are bullish on Meta as it seeks to strengthen its position as a heavy hitter in artificial intelligence.
Meta will report fiscal fourth-quarter earnings Feb. 1.
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