Meta Platforms stock rose sharply in late trading Thursday after the social media company gave a better-than-expected revenue forecast for its March quarter.

Meta reported fourth-quarter adjusted earnings per share of $5.33, which was ahead of Wall Street’s consensus estimate of $4.82, according to FactSet.

Revenue came in at $40.1 billion, which was above analysts’ expectations of $39.1 billion.

Guidance was also solid. Meta expects its first-quarter revenue to come within a range $34.5 billion to $37 billion. Wall Street had estimated revenue of $33.9 billion for the quarter.

Meta’s board of directors also declared its first-ever dividend, $0.50 per share, payable on March 26, 2024.