CEO Mark Zuckerberg took the blame for the company’s first-ever mass sacking, saying he was guilty of over-optimism about its future after growth surged during the pandemic.
Meta CEO Mark Zuckerberg said earlier today the company will cut more than 11,000 jobs – about 13% of its workforce – in the first major round of layoffs in its history. The mass sacking could push the tech world – already in turmoil since the start of the year – into complete meltdown.
Digital World Acquisition Corp surged 66% after former U.S. President Donald Trump hinted at another White House bid. The blank-check firm has agreed to take social-media startup Trump Media & Technology Group Corp public.
As of September 30, Meta had about 87,000 employees worldwide across its different platforms, which include social media sites Facebook and Instagram as well as messaging platform WhatsApp.
A structural shift in the Indian economy, which has gained momentum during the last decade, is the formalization of the economy. Reforms like the GST have hit the informal sector hard. The informal sector, which thrived on tax arbitrage, is finding the going tough in the highly competitive business environment
The pressure on advertising revenues started last year when Apple changed how different apps tracked user data (or the Identifier for Advertisers (IDFA) policy). There is an old saying in commercial broadcasting, “if you are not paying for the product, you are the product”.
The central banks wrongly presumed that the rising prices were transitory. They forecasted that inflation would fade as the economy opened, bringing supplies.
A disappointing result season sent Facebook-owner Meta Platforms stock plummeting 25%. Investors are spooked by Facebook’s costly metaverse bets and the impact of soaring inflation on ad spending. On the other hand, Amazon shares fell 17% in extended trading after the retail and technology heavyweight projected a holiday slump that would leave current-quarter sales below Wall Street estimates.
Amazon's weak report sent Nasdaq futures tumbling about 3%, showing traders expect Wall Street to open with a deep decline on Friday. Google-owner Alphabet and Microsoft dropped about 1% each, adding to losses following their own poorly received quarterly reports on Tuesday.
Investors continue to scan the economic horizon for evidence that the barrage of aggressive interest rate hikes from the Federal Reserve, begun in March, are beginning to have the desired effect by cooling down the economy. While a 75 basis point rate hike at the conclusion of its Nov. 1-2 policy meeting is all but assured, the likelihood of a smaller, 50 basis point hike in December was 55%, according to CME's FedWatch tool.
Elon Musk now calls himself ‘Chief Twit’ on Twitter. On Wednesday, the Tesla and SpaceX boss sauntered into the microblogging platform’s San Francisco headquarters, armed with a sink. “Entering Twitter HQ — let that sink in!” he tweeted later, posting a video of his entry. It’s not clear if he was just being a twit or conveying a message that Twitter had a ton of troubles (kitchen sinking refers to acknowledging every bit of bad news in one go). But at the very least, it looks like he is finally buying Twitter. And he clarified that he would not be firing 75% of the staff, as had been speculated. But there could be more twists in this pretzel-shaped tale before the Friday court deadline to close the deal passes.
Meta was set to lose about $78 billion in market value, if losses hold to the end of the session, adding to the trillions of dollars that some of the biggest tech names have shed this year amid rising interest rates and a stronger dollar.
Meta was the sixth biggest US company by market capitalization at the start of the year, flirting with a $1 trillion market value. Fast forward 10 months and the stock will be worth about $258 billion, ranking it 26th. Its market value is now smaller than companies including Chevron Corp., Eli Lilly & Co. and Procter & Gamble Co.
Meta was set to lose about $67 billion in market value, if losses hold through the session, adding to the trillions of dollars that some of the biggest tech names have shed this year amid rising interest rates and a stronger dollar.
Tech companies led the way for the U.S. economy over the past decade and buoyed the stock market during the worst days of the coronavirus pandemic. Now, amid stubborn inflation and rising interest rates, even the biggest giants of Silicon Valley are signaling that tough days may be ahead.
Investors rushed to dump Meta Platforms Inc's stock after hours, pushing it down 20% and wiping $67 billion off its market value after the company posted its fourth straight decline in quarterly profit.
China stocks have had a turbulent week, headlined by Monday's brutal selloff as global investors dumped Chinese assets, worried that President Xi Jinping's new leadership team would put ideology before the economy.
The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.
He spoke about the company's various efforts, including a recently unveiled virtual and mixed reality headset called Quest Pro that is priced at $1,500 and a social metaverse platform where people can express themselves via avatars.
The Competition Commission of India is in no mood to play, and Google is finding that out the hard way. The anti-trust regulator has fined the Big Tech firm Rs 936 crore ($113 million) for the “anti-competitive policies” on its Play Store. This comes on the heels of the Rs 1,338 crore ($162 million) penalty it imposed on Google last week for abusing its dominance in multiple markets with its Android mobile operating system.
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.
Last trading at about $8 a share, Snap's stock has now fallen 90% from its record high close in September 2021. Snap debuted on the stock market in a hotly anticipated initial public offer in 2017 that priced its stock at $17.
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