(Bloomberg) — Facebook parent Meta Platforms Inc. is planning to begin widespread job cuts on Wednesday, according to people familiar with the matter, part of a plan to reduce costs at the social-media giant following disappointing earnings and a drop in revenue. Employees who are affected will be told starting Wednesday morning, and Chief Executive […]
(Bloomberg) — Meta Platforms Inc. is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported, citing people with knowledge of the matter. The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel from this week, […]
(Bloomberg) — Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg asked investors for patience with the social-media giant’s swelling investments in unproven bets at an already-challenging time for digital-advertising companies. The company’s shares slumped more than 20% in late trading after it gave a disappointing quarterly revenue outlook. On a call Wednesday, Zuckerberg sought to […]
(Bloomberg) — In most market environments, a company with one of the lowest valuations in the Nasdaq 100 Index, a solid balance sheet and sales growth averaging 34% a year would be an obvious buy. In the case of Meta Platforms Inc., it’s not so obvious. Since Mark Zuckerberg’s announcement a year ago of a […]
(Bloomberg) — Meta Platforms Inc. has tumbled out of the world’s 10 largest companies by market value, hammered by its worst monthly stock decline ever. Once the world’s sixth largest company with a valuation in excess of $1 trillion, the Facebook parent closed on Thursday with a value of $565 billion, placing it in 11th […]
(Bloomberg) — Meta Platforms Inc.’s one-day crash could rank among the worst in stock-market history. The Facebook parent plunged 20% in early U.S. trading on the back of poor earnings results, putting it on track to lose about $180 billion in market value. While there’s no certainty the losses will hold, especially given the recent […]
The company whose chips power Facebook’s Oculus virtual-reality headset has already tapped into the metaverse opportunity. Now Qualcomm’s CEO says glasses could eventually be as widespread as smartphones. Qualcomm CEO Cristiano Amon knows smartphones well. The company’s main business is providing semiconductors for those devices. As Apple turns toward manufacturing its own chips for its […]
A lawsuit alleging securities law violations, filed against Facebook’s parent company Meta (FB) by Ohio’s largest pension fund, should be an easy one to prove, according to the state’s attorney general. On Monday, Attorney General Dave Yost along with Ohio’s Public Employee Retirement System filed suit in federal district court in California, alleging that earlier […]
Roblox is set to report earnings after the market closes on Monday. Courtesy of Roblox Roblox is set to report third-quarter results after the market closes on Monday. The company’s earnings report comes just as Wall Street has begun buying into the tech industry’s metaverse aspirations. Meta Platforms (ticker: FB), the company formerly known as […]
In December 2020, the US federal government and 46 state attorneys general sued Facebook, claiming that its acquisitions of Instagram and WhatsApp violated antitrust law. But while the government is still struggling to convince a judge that Facebook is in fact a monopoly, Facebook is continuing to buy startups. Last Friday, just one day after […]
(Bloomberg) — A liberal nonprofit that advocates for market competition is urging federal authorities to investigate whether top executives including Mark Zuckerberg and Sheryl Sandberg broke the law, adding personal accusations to the allegations facing the company following disclosures from a whistle-blower. The Washington-based American Economic Liberties Project is sending a letter Friday to the […]
(Bloomberg) — A collapse in shares of Snap Inc. dragged technology companies exposed to digital advertising lower late on Thursday after the owner of the Snapchat app warned that customers are cutting back on ad spending. Facebook Inc. and Twitter Inc. were among the biggest decliners, with each at one point sinking more than 6% […]
Plus, Macy’s and Kohl’s reported earnings beats, the FTC filed a new antitrust complaint against Facebook, and Chipotle announced it is testing a new meatless chorizo in two markets.
Plus, Lordstown Motors said it will begin limited production next month, Microsoft is protesting the NSA’s decision to award a $10 billion contract to Amazon, and the a U.K. regulator said Facebook’s acquisition of Giphy presents competition concerns.
Plus, Boeing’s largest 737 Max plane is expected to take its initial flight today, Morgan Stanley said Facebook remains its top social media stock pick, and Adobe delivered an earnings beat.