Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, […]
Read More(Bloomberg) — John Carmack resigned from his leadership role at Meta Platforms Inc.’s virtual reality unit, citing frustration with its slow progress and disagreements over strategy with company founder Mark Zuckerberg. The games industry veteran said in his resignation note that he’d long been frustrated by the poor operational efficiency of Meta’s VR endeavor, which […]
Read More(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 […]
Read More(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, […]
Read More(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 […]
Read More(Bloomberg) — For years, investors valued Facebook’s parent company as if its growth would never falter. Now that it has, fund managers who buy cheap, out-of-favor stocks are finally getting a chance to own shares of Meta Platforms Inc. Stock pickers at value firms Dodge & Cox, First Eagle Investment Management and Artisan Partners bought […]
Read More(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 […]
Read More(Bloomberg) — Meta Platforms Inc.’s revenue is taking a multibillion-dollar hit this year because its social networks can’t gather as much data on iPhone users. The company spent last year attacking Apple Inc. for the change; now it’s publicly calling out Google, too. The Facebook owner is alleging Alphabet Inc.’s Google, which also sells personalized […]
Read More(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 […]
Read MoreIn 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 […]
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