Meta Platforms (NASDAQ:META) exceeded earnings and revenue estimates in its fourth-quarter report on Thursday and announced its inaugural dividend payment, propelling its shares to soar more than 17% in response.

Meta Platforms is also traded on the B3 through BDR (BOV:M1TA34).

Meta reported earnings of $5.33 per share against the $4.96 per share expected by LSEG (formerly known as Refinitiv). Net income more than tripled to $14 billion, compared to $4.65 billion, or $1.76 per share, from the previous year.

Revenue was $40.1 billion against the $39.18 billion expected by LSEG. Revenue increased by 25% for the quarter, compared to $32.2 billion from the previous year, marking the fastest growth rate since mid-2021 as the online advertising market continued to recover.

However, the company’s expenses decreased by 8% from the previous year, totaling $23.73 billion, and its operating margin more than doubled to 41%, clearly indicating that cost-cutting measures are bolstering profitability.

Daily Active Users (DAUs) were 2.11 billion against the 2.08 billion expected, according to StreetAccount. Monthly Active Users (MAUs) were 3.07 billion against the 3.06 billion expected, according to StreetAccount. Average Revenue Per User (ARPU) was $13.12 versus the $12.81 expected, according to StreetAccount.

Meta announced it would pay investors a dividend of 50 cents per share on March 26. This follows an increase in cash and equivalents to $65.4 billion at the year’s end. The company also announced a $50 billion stock buyback program.

The aftermarket market rally continues the recovery trend from 2023, when the shares almost tripled. They reached a record last week and had already risen 12% this year, before the earnings report. Based on its after-hours trading price, Meta’s market value increased to nearly $1.2 trillion.

Meta’s Reality Labs unit sales surpassed $1 billion for the quarter, although the virtual reality unit recorded losses of $4.65 billion.

Meta CEO Mark Zuckerberg stated, “We had a good quarter as our community and business continue to grow. We’ve made significant progress in our vision for advancing AI and the metaverse.”

Meta expects first-quarter sales to be in the range of $34.5 billion to $37 billion, exceeding analysts’ expectations, who had forecasted revenue of $33.8 billion. Expenses in 2024 are expected to be in the range of $94 billion to $99 billion.

The company ended the year with 67,317 employees on December 31, a 22% reduction from the previous year due to layoffs.

Zuckerberg attributed advances in artificial intelligence to the success of the advertising business, which is growing faster than rival Google. In the company’s earnings report on Tuesday, Google recorded an 11% year-over-year increase in ad revenue, a slower expansion than analysts had expected.

Part of Meta’s financial recovery last year was driven by Chinese retailers, who increased spending to reach users worldwide. Meta CFO Susan Li recently highlighted the importance of business in China in the company’s third-quarter earnings report in October. Li didn’t mention specific companies, but the emerging and rapidly growing Temu and Shein from China have been investing in ads on Facebook and Instagram.

Meta’s report coincided with results from Amazon and Apple and marked the end of the earnings season for large-cap technology firms. Amazon reported better-than-expected results, with its advertising business showing continued growth, and Apple also beat estimates, recording revenue growth for the first time in a year.

Earlier this week, Zuckerberg, along with top executives from TikTok, X, Snap, and Discord, faced tough questions from lawmakers on Wednesday. They accused the Facebook founder of failing to recognize the severity of child exploitation on the company’s apps.

Parents in the audience criticized Meta and other companies for inadequate safety measures and design choices that caused mental health issues in their children and, in some cases, even led to deaths. Zuckerberg apologized and expressed his empathy for the challenges faced by the affected families.