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Meta Platforms (NASDAQ:META) stock is a hot topic among traders on Friday after the technology company that owns Facebook and Instagram announced its first-ever dividend.
Meta Platform is kicking off its first dividend with a payment of 50 cents per share for holders of META stock. That will be payable on March 26, 2024 to shareholders of record when the business closes on Feb. 22.
Adding to this is this dividend not being the only one that investors in META can expect. The company notes that this is only the start of its new quarterly dividends. The company intends to continue paying quarterly dividends going forward so long as market conditions allow for it and its Board of Directors approves.
What’s Behind This Meta Stock Divided?
This new dividend comes after Meta Platforms went through a year of transformation. The company restructured its business to become more efficient. That saw it lay off employees and take other actions to reduce spending.
Meta Platforms notes that, after a year of work, it has finally completed its data center initiatives and the employee layoffs as well as consolidation initiatives. These actions were completed at the end of 2023.
META stock is up 19.7% as of Friday morning.
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We have all of the hottest stock market news that investors need to know about on Friday! A few examples include details from the latest jobs report, Zoom Video Communications (NASDAQ:ZM) layoffs and more. All of that info is ready to go at the following links!
More Stock Market News for Friday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.