Mark Zuckerberg's Meta To Vacate 7 Floors Of Singapore Office Amid Global Layoffs: Report
Portfolio Pulse from Ananya Gairola
Meta Platforms Inc. (NASDAQ:META) is not renewing its lease for seven floors at South Beach Tower in Singapore, following global layoffs and cost-cutting measures. Despite these cutbacks, Meta announced a $50 billion stock buyback and its first quarterly dividend, signaling financial strength. The company also plans to increase employee bonuses after a strong fourth quarter, with revenue up 25% year-over-year to $40.11 billion, surpassing expectations.
February 09, 2024 | 2:35 am
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Meta Platforms Inc. is streamlining operations by not renewing a significant lease in Singapore, alongside announcing a $50 billion stock buyback and its first quarterly dividend after a strong financial performance.
The decision to not renew the lease reflects cost-cutting measures, which, combined with the announcement of stock buybacks and dividends, indicates a strategic shift towards financial efficiency and shareholder value. The strong Q4 performance further supports a positive outlook, likely leading to a positive short-term impact on META's stock price.
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IMPORTANCE 90
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