Meta Platforms was having a good day.
The shares of the company that owns Facebook went up 23% on Thursday, which was the best daily performance in almost a decade.
In fact, the stock has only ever done better on one other day. In July 2013, Meta’s stock went up 30% in a single day.
Dow Jones Market Data says that the stock’s market value went up by $92 billion on Thursday, which was the most it had ever gone up in one day. That also put it back on the list of the 10 biggest companies in the U.S.
Meta was one of the people who lost big last year. Its stock dropped 64%, which took $600 billion off its market value. TikTok and a drop in the digital ad market were big problems for Meta.
Under the surface, the fourth quarter wasn’t so good for Meta. The company’s net income dropped by 55% from the year before. But investors are more interested in what will happen next year.
Meta said on Wednesday that there were early signs of things getting better. It thinks that costs will be lower in 2023 and that sales in the first quarter will be higher than in the same time period in 2021 before Apple put in place privacy measures that cut sales by limiting the company’s access to data.
Meta also said it would buy back more shares worth $40 billion.
Most likely, the Fed-led rise in tech stocks as a whole is also helping. On Thursday, shares of Amazon and Alphabet also went up.