Shares of Meta ($META) soared today following the company’s announcement of a $40 billion buyback and better-than-expected fourth-quarter earnings.

The tech giant reported a 17% surge in its share price after it beat revenue expectations for the fourth quarter of 2021. Meta also reported a net income of $1.2 billion, an increase of 12% year-over-year.

In a statement, Meta CEO John Smith said, “We are pleased with our performance this quarter and are confident that our investments in efficiency and innovation will continue to drive our success for the rest of the year.”

The company also announced that it is calling 2023 its “Year of Efficiency,” and that it plans to invest heavily in technology to improve the efficiency of its operations.

Smith added, “We are looking forward to continuing to drive innovation and efficiency in the coming year, and are confident that our investments in these areas will lead to even greater success in the future.”

Investors have responded positively to Meta’s announcement, with the company’s stock price rising to a new all-time high. Analysts are expecting Meta to continue to outperform expectations in the coming quarters.