Meta earnings spark share surge, lifts Big Tech

Meta Platforms Inc shares rose more than 18 per cent on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.

The company was set to add nearly $73 billion to its market value and was on course to log its best day in a decade. The rally also lifted shares of Amazon.com, Apple and Alphabet, all of which sport valuations of more than $1 trillion and will report earnings after market close.

Meta’s move on Wednesday to rein in costs marked a dramatic shift for a company that has spent billions of dollars to turn its vision of the futuristic metaverse into a reality,