Tag: meta platforms

Meta Platforms Plummets 25%; Mark Zuckerberg Plea for ‘Patience’ Falls Flat
28Oct By adminNo Comments
Technology

Meta Platforms Plummets 25%; Mark Zuckerberg Plea for ‘Patience’ Falls Flat

[ad_1] Meta Platforms Inc. plunged 25% Thursday, its biggest one-day drop since February. Meta Platforms Inc. plunged 25% Thursday, its biggest one-day drop since February, after 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. On a call Wednesday after giving a disappointing revenue outlook, Zuckerberg sought to justify Meta's ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks. Investors, who have already sent the stock down 71% this year, so far aren't buying it. The Facebook parent's market value has collapsed by a whoppin...
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Meta’s quarterly profit dives as tough economy hits tech
27Oct By adminNo Comments
Technology

Meta’s quarterly profit dives as tough economy hits tech

[ad_1] Meta reported that its profit more than halved to $4.4 billion in the third quarter. Facebook-parent Meta reported Wednesday that its profit more than halved to $4.4 billion in the third quarter from $9.2 billion a year earlier, and said it plans "significant changes" to bolster efficiency in a tough economic environment.The social networking giant, which faces stagnating user numbers and cuts in advertising budgets, also said revenue slipped to $27.7 billion from $29 billion a year earlier. "We're approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company," said Meta chief Mark Zuckerberg. Meta shares plunged 19.1 percent to $105 in after-market trades, the price less than a third of wha...
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Snap sets off alarm bells in ad-reliant social media sector
22Oct By adminNo Comments
Technology

Snap sets off alarm bells in ad-reliant social media sector

[ad_1] Snap Inc shares sank more than 30% on Friday and hit their lowest since the pandemic. Snap Inc shares sank more than 30% on Friday and hit their lowest since the pandemic, after the company's forecast of zero revenue growth pointed to more pain ahead for a social media sector heavily dependant on digital advertising. Facebook-parent Meta Platform Inc and Pinterest Inc fell between 2% and 7%. Twitter Inc slid 3%, also dragged by fears of security reviews of billionaire Elon Musk's takeover bid. Analysts rushed to cut their price target on Snap, with Morgan Stanley taking it to a Wall Street low of $7. In early trading the stock hit its lowest since early 2019. The digital ad space has suffered as brands have cut marketing and ad budgets in response to declining consumer d...
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Pinterest Leads Drop in Social Media Stocks as Snap Disappoints
21Oct By adminNo Comments
Technology

Pinterest Leads Drop in Social Media Stocks as Snap Disappoints

[ad_1] Companies that rely on digital advertising tumbled in postmarket trading, after Snap Inc. reported its slowest quarterly sales growth on record. Companies that rely on digital advertising tumbled in postmarket trading Thursday, after Snap Inc. reported its slowest quarterly sales growth on record. Pinterest Inc. lead the declines with a slump of as much as 9.4% and Meta Platforms fell 5.2% after the Snapchat parent said third-quarter sales increased a mere 6% and added that platform policy changes, macroeconomic headwinds and increased competition led to a decline in advertising spending. Trade Desk Inc. tumbled 5.9% and Roku Inc. fell 3.6%, while Google's Alphabet Inc. lost about 3%. Twitter Inc., which is being acquired by Elon Musk, slipped 0.3%. Social media platform...
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Snap Shocks Market Again, Fueling $29 Billion Social Media Slump
21Oct By adminNo Comments
Technology

Snap Shocks Market Again, Fueling $29 Billion Social Media Slump

[ad_1] For the third time in as many quarters, disappointing results from Snap Inc. are roiling social media stocks. For the third time in as many quarters, disappointing results from Snap Inc. are roiling social media stocks and adding to signs that the economic slowdown is deepening. The maker of the Snapchat app reported its slowest quarterly sales growth ever on Thursday, saying a decline in advertising spending continues to drag on results. Shares of Snap plunged 27% in late trading, with the selloff spreading to peers including Meta Platforms Inc., Alphabet Inc. and Pinterest Inc. The companies were set to lose a combined market value of about $29 billion. Futures on the Nasdaq 100 Index fell 0.9%, signaling further pain for a tech-heavy benchmark that has plunged 32% this ...
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Meta Shares Are a Hard Sell as Good Old Facebook Days Are Over
15Oct By adminNo Comments
Technology

Meta Shares Are a Hard Sell as Good Old Facebook Days Are Over

[ad_1] Since announcement a year ago of a name change and strategy overhaul for the owner of Facebook, the stock has wiped out. 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 name change and strategy overhaul for the owner of Facebook, the stock has wiped out more than half the gain it had seen since its initial public offering a decade ago. That's cost Meta $600 billion in market value and a spot in the elite club of the US's 10 biggest companies. Analysts predict Meta's revenue will drop this year for the first time ever, as competition an...
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Facebook parent Meta hits back in fight with FTC over VR company acquisition
14Oct By adminNo Comments
Technology

Facebook parent Meta hits back in fight with FTC over VR company acquisition

[ad_1] In a landmark legal challenge to a Big Tech merger, the Federal Trade Commission is suing to block the deal. Federal regulators and Facebook parent Meta are battling over Meta's proposed acquisition of virtual-reality company Within Unlimited and its fitness app Supernatural. In a landmark legal challenge to a Big Tech merger, the Federal Trade Commission is suing to block the deal, asserting it would hurt competition and violate antitrust laws. Meta struck back Thursday, asking a federal court in San Jose, California, to dismiss the FTC's July request for an injunction against the acquisition. The tech giant said in its court filing that the government failed to establish that the virtual-reality market is concentrated with high barriers to entry. The claims in the agen...
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Texas Social Media Law Put on Hold Pending Supreme Court Review
13Oct By adminNo Comments
Technology

Texas Social Media Law Put on Hold Pending Supreme Court Review

[ad_1] A federal appeals court put on hold a Texas law banning some forms of content moderation on social media. A federal appeals court put on hold a Texas law banning some forms of content moderation on social media while a trade group representing industry giants petitions the US Supreme Court to review its challenge. Although the 5th US Circuit Court of Appeals previously upheld the Texas law and said it could be implemented, the court on Wednesday granted a late September request from the social-media platforms to block enforcement of the measure while they appeal the case to the high court. Internet publishers including Meta Platforms Inc. and Twitter Inc. argued they expected the US Supreme Court to agree to hear their challenge and that there is a “significant possibility...
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Meta Suffers Setback in EU Attack of German Antitrust Order
20Sep By adminNo Comments
Technology

Meta Suffers Setback in EU Attack of German Antitrust Order

[ad_1] Meta Platforms Inc.’s Facebook suffered a setback in its European Union court challenge. Meta Platforms Inc.'s Facebook suffered a setback in its European Union court challenge of a German antitrust decision that ordered an overhaul of the social media giant's business model.Competition authorities probing a company over alleged abuses of a dominant position are justified to also consider other rules, such as the EU's General Data Protection Regulation in the course of an investigation, an adviser to the bloc's top court said on Tuesday in a non-binding opinion. Such a ruling would hit at the heart of Meta's appeal. When interpreting other rules such as data protection law, competition watchdogs are “bound by the duty ...
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Meta Removes Fake Accounts Tied to Pro-US Influence Campaign
25Aug By adminNo Comments
Technology

Meta Removes Fake Accounts Tied to Pro-US Influence Campaign

[ad_1] A covert online persuasion campaign to cast the US and its allies in a positive light in the Middle East and Central Asia -- as well as to bash its adversaries -- was disrupted by Meta Platforms Inc. and Twitter Inc., which have removed the “inauthentic” accounts from their platforms, according to internet researchers. A covert online persuasion campaign to cast the US and its allies in a positive light in the Middle East and Central Asia -- as well as to bash its adversaries -- was disrupted by Meta Platforms Inc. and Twitter Inc., which have removed the “inauthentic” accounts from their platforms, according to internet researchers.The campaign resembled previous online campaigns by US adversaries such as Russia, Chin...
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