Meta Platforms (META) is exploding higher.

Last checked, the stock was up about $60 in after hours.  All after the company announced it’ll pay a quarterly dividend of 50 cents in March to shareholders of record, as of February 22. The company also authorized a $50 billion share buyback program.

“Another bullish implication: Paying an annual dividend could make Meta eligible for funds that require dividends, thereby increasing institutional investment in the stock,” added CNBC.

Plus, META beat on revenue and EPS.

In its latest quarter, the company’s revenue jumped 25% year over year to $40.11 billion, which beat expectations of $39.18 billion.  EPS of $5.33 was above expectations for $4.96.

“Meta expects first-quarter 2024 revenue between $34.5 billion and $37 billion, a very strong guide. Even at the low end of the range, it exceeds the consensus analyst estimate of $33.93 billion,” as also noted by CNBC.