Meta (formerly known as Facebook), despite its many struggles, had a spectacular year in 2023.
The company recently reported strong quarterly inflows that beat analyst expectations by far, due to its strategic shift towards AI-focused technologies.
As reported by Meta, its stock surged by an impressive 14% in after-hours trading, causing spikes in the prices of several other AI-related tokens.
On Thursday, Meta announced its profits for the fourth quarter and full year of 2023, and the report was an interesting one.
As reported by Meta, the company saw a 25% rise in revenue to $112 billion and a 35% increase in net income to $34 billion.
If that wasn't enough, Meta also expects its revenue to grow by 30% in sales by 2024, along with a 10% increase in operating profit.
Meta says that its emphasis on AI, which is fueling innovation and development across all of its services, was the reason behind its outstanding success.
Furthermore, Meta also declared its first-ever $0.25 per share dividend and a $50 billion share repurchase program.
"We had a successful quarter as both our business and community expanded. The CEO of Meta, Mark Zuckerberg, stated, "We've made a lot of progress on our vision for advancing AI and the metaverse."
The company suffered through 2021, with its metaverse ambitions. Oculus and Horizon, two of Meta's metaverse platforms, struggled to attract and keep consumers as they faced fierce competition from others like Roblox and Microsoft.
Even though Zuckerberg has acknowledged that the metaverse was a long-term project requiring further funding and creativity, he insists that he is dedicated to the project.
According to him, Meta's move toward AI was a good fit for its metaverse objectives since AI might improve user experience and open up new possibilities in virtual reality.
However, analysts and investors are still pessimistic about Meta's chances in the metaverse.
With rivals like TikTok and Twitter eating away at its market share, Meta's stock only just broke above its 2022 high.
As shown by this snapshot from CoinMarketCap, the AI market has been up since the report came out, with AI as a reason for Meta's Success.
The market has cooled off over the last day, but we have the likes of Render, Oasis and Internet Computer staying green over the last day, despite the bearish control over the market.
Oasis, for example, is up by a whopping 9% over the last day, and by 15% over the last week.
Oasis' trading volume has also spiked by around 200% over the last day, indicating a great deal of investor interest.
Similarly, Internet Computer is up by about 6% over the last day, and by 8% over the last week.
Internet Computer's trading volumes have also spiked by around 35% over the last day, indicating that just like Oasis, investors have become highly interested in this cryptocurrency for some reason.
Render, on the other hand, is up by a whopping 24% over the last week, as shown below:
Render is also keeping a 2% price rally over the last day according to CoinMarketCap, and is the 4th largest AI token on the market
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.