Meta Sales Beat Expectations as Facebook Grows; Shares Soar
source link: https://finance.yahoo.com/news/meta-sales-beat-expectations-facebook-212608405.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Meta Sales Beat Expectations as Facebook Grows; Shares Soar
Meta Sales Beat Expectations as Facebook Grows; Shares Soar
(Bloomberg) -- Meta Platforms Inc. reported better-than-expected sales during the holiday quarter, fueled by strong demand for advertising as it attracted more users to its Facebook social network.
Most Read from Bloomberg
Revenue for the fourth quarter was $32.2 billion. That compared with Wall Street estimates of $31.6 billion. Shares jumped more than 18% in extended trading.
Chief Executive Officer Mark Zuckerberg said Meta is making progress with its investments in artificial intelligence, particularly for improving the videos it shows users on Facebook and Instagram. “Beyond this, our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization,” he said in a statement Wednesday.
The company is recovering from the worst year for its stock in history. Meta faced a decline in advertiser demand due to weakness in the broader economy, amid inflation and an ongoing war in Europe, as well as a change in iPhone privacy rules. Meta cut 11,000 jobs, or 13% of the workforce, in November in its first-ever major layoff.
Those cuts came during a quarter that was otherwise positive for the company. Facebook, Meta’s flagship social network, is still growing and now has more than 2 billion daily users, up more than 70 million from a year ago.
Meta also projected revenue of $26 billion to $28.5 billion for the first quarter, in line with estimates of $27.25 billion. The company also boosted its stock-buyback authorization by $40 billion, adding to the $10.9 billion remaining from previous repurchase programs.
The Menlo Park, California-based company said 2023 expenses will be less than previously forecast. Expenses for the year will be $89 billion to $95 billion, the company said Wednesday. That could help lessen investor concerns that the company is over-spending on its virtual reality ambitions.
- Bloomberg
Biden and McCarthy’s ‘First Date’ to Set Tone for Upcoming Debt Ceiling Battle
(Bloomberg) -- President Joe Biden and House Speaker Kevin McCarthy will finally size each other up, after weeks of trading public barbs over spending cuts and deficits while the US debt limit hangs in the balance.Most Read from BloombergNational Archives Releases Records Tied to Trump Classified Documents8,000 Layoffs Don’t Exactly Scream Family ValuesAdani Stock Crash at $92 Billion as Collateral Worries GrowPorsche Blunder Puts $148,000 Sportscar on Sale for Just $18,000Intel Slashing CEO, Ma
6h ago - Bloomberg
Powell Holds Fire on Markets Breaking Loose From Fed Control
(Bloomberg) -- Behind closed doors, Federal Reserve policy makers worry rallying markets are impeding their efforts to control inflation. But every time Jerome Powell goes out in public he gives them more room to run.Most Read from BloombergNational Archives Releases Records Tied to Trump Classified Documents8,000 Layoffs Don’t Exactly Scream Family ValuesAdani Stock Crash at $92 Billion as Collateral Worries GrowPorsche Blunder Puts $148,000 Sportscar on Sale for Just $18,000Intel Slashing CEO,
26m ago - MarketWatch
Meta stock spikes despite earnings miss, as Facebook hits 2 billion users for first time and sales guidance quells fears
Meta shares soared Wednesday despite an earnings miss, as the Facebook parent company guided for potentially more revenue than Wall Street expected
51m ago - Investor's Business Daily
Meta Revenue Beats As Company Announces $40 Billion Buyback
Meta stock jumped late Wednesday after reporting fourth-quarter results that fell short on earnings but beat on revenue.
31m ago - Yahoo Finance Video
Meta earnings: Zuckerberg is ‘clearly listening to Wall Street,’ analyst says
Jefferies Senior Analyst Brent Thill assesses Meta's Q4 earnings beat, the social media company's outlook amid tech industry layoffs, and user engagement on the platform.
41m ago - Insider Monkey
10 Most Undervalued Tech Stocks to Buy According to Hedge Funds
In this article, we will take a look at the 10 most undervalued tech stocks to buy according to hedge funds. To see more such companies, go directly to 5 Most Undervalued Tech Stocks to Buy According to Hedge Funds. Tech stocks took a beating last year as investors fled growth stocks amid rising inflation […]
1d ago - Yahoo Finance Video
Meta stock jumps after hours on Q4 revenue beat, share buyback plans
Yahoo Finance's Seana Smith reports on how Meta stock is trading after hours following the Facebook parent company's Q4 earnings results.
55m ago - Investor's Business Daily
Cryptocurrency Prices And News: Bitcoin Price Jumps Above $23,700 In Afternoon Crypto Surge
Cryptocurrency News: Bitcoin spiked above $23,700, Ethereum jumped as the crypto markets surged Wednesday afternoon.
1h ago - Fortune
Google layoffs: Worker on maternity leave says she found out she’d been sacked while feeding her newborn at 4:30 a.m.
Google parent company Alphabet recently announced it would be laying off around 12,000 people.
1d ago - Yahoo Finance
Biden administration's new report on app stores calls 'on Apple and Google to do better'
The Biden administration released a new report that outlined what they say are a host of anticompetitive practices inside the nation’s two biggest app stores.
9h ago - Reuters
U.S. Rep. Santos to recuse himself from committee assignments
U.S. Representative George Santos, who has admitted to fabricating much of his resume, told fellow Republican lawmakers on Tuesday he would not serve on committees for now, lawmakers said. House of Representatives' Speaker Kevin McCarthy said the freshman lawmaker asked if he could recuse himself from his committee assignments while he works to clear up an ethics cloud. McCarthy called it an "appropriate decision."
1d ago - Ukrayinska Pravda
Belarus will host joint staff training with Russia in preparation for war participation
The military of Belarus have announced the beginning of a two-week joint staff training with the Russians of the so-called Joint Command of the regional group of troops. Source: Press service of Belarusian Defence Ministry Quote: "During the week, representatives of the military departments of the two states will work out joint planning for the use of troops based on the experience of armed conflicts in recent years, following the topic 'Decision on the use of a regional grouping of troops (forc
2d ago - Longhorns Wire
Texas Football: Record prediction 1.0 with game-by-game analysis
Taking our first crack at picking Texas' schedule results for 2023.
23h ago - Benzinga
Billionaire Charlie Munger Reveals The Reason Berkshire Hathaway Is Sitting On $88 Billion in Cash
The S&P 500 dipped by 19% in 2022, but stocks still don’t seem cheap to Charlie Munger, Warren Buffett’s billionaire partner at Berkshire Hathaway. “In my whole adult life, I have never hoarded cash, waiting for better conditions,” Munger said in an interview in late 2022. “I’ve just invested in the best thing I could find.” Yet he acknowledged that Berkshire Hathaway is sitting on billions of dollars in cash. The reason isn’t that Buffett and Munger think they can wait for stocks to get even ch
7h ago - Zacks
Wall Street Bulls Look Optimistic About NIO Inc. (NIO): Should You Buy?
According to the average brokerage recommendation (ABR), one should invest in NIO Inc. (NIO). It is debatable whether this highly sought-after metric is effective because Wall Street analysts' recommendations tend to be overly optimistic. Would it be worth investing in the stock?
8h ago - Yahoo Finance Video
AMD tops Q4 earnings expectations despite slowing PC sales
Yahoo Finance’s Daniel Howley joins the Live show to discuss quarterly earnings for AMD, the drop in PC sales and shipments, and the outlook for AMD.
7h ago - TheStreet.com
Billionaire Gautam Adani's Empire Makes a Shocking U-Turn
The day after a successful share sale, the conglomerate of Asia's former richest man has decided to return investors their money.
3h ago - Zacks
Chubb's (CB) Q4 Earnings Miss Estimates on Higher Cat Loss
Chubb's (CB) fourth-quarter 2022 results reflect higher catastrophe losses, which were partially offset by higher net investment income and higher premiums in the company's North America businesses.
9h ago - Benzinga
You'll Never Guess The Newest "Jewel" in Berkshire Hathaway's crown
“Berkshire will always be building.” So said Warren Buffett in his latest annual letter to Berkshire Hathaway shareholders in February. Most people might imagine he means adding to Berkshire’s dozens of company holdings or the $144 billion in cash he calls a “financial fortress.” But he was actually referring to clean energy. Buffett has had exposure to clean energy since the early 2000s, and in last year’s letter, he called it one of the “four jewels” of Berkshire Hathaway. A 30-fold Increase F
7h ago - Motley Fool
3 Warren Buffett Stocks to Buy Hand Over Fist in February
Three plain-as-day bargains are hiding in plain sight among Berkshire Hathaway's roughly four dozen holdings.
12h ago - Zacks
Energy Transfer LP (ET) Is a Trending Stock: Facts to Know Before Betting on It
Zacks.com users have recently been watching Energy Transfer LP (ET) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
8h ago - Zacks
ZIM Integrated Shipping Services (ZIM) Gains As Market Dips: What You Should Know
In the latest trading session, ZIM Integrated Shipping Services (ZIM) closed at $18.72, marking a +0.59% move from the previous day.
2d ago - Motley Fool
2 Supercharged Stocks to Help You Build Long-Term Wealth
Last year was quite tough for equity investors: All the major U.S. stock indexes ended 2022 in the red. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were down by 9%, 19%, and 33%, respectively. The first distinctive growth stock that will help you build your long-term wealth is cybersecurity player CrowdStrike (NASDAQ: CRWD).
7h ago - Zacks
Microchip (MCHP) to Report Q3 Earnings: What's in the Cards?
Microchip's (MCHP) fiscal third-quarter results are likely to reflect robust uptake of microcontrollers, despite supply chain constraints and weak consumer end-market.
4h ago - Zacks
Analysts Estimate Affirm Holdings (AFRM) to Report a Decline in Earnings: What to Look Out for
Affirm Holdings (AFRM) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
7h ago - Yahoo Finance Video
Federal Reserve was very clear that 'the job is not done': Strategist
U.S. Bank SVP & Public Markets Group Head Lisa Erickson sits down with Yahoo Finance Live to talk about the Fed's latest rate hike decision, Chair Powell's commitment to the inflation-fighting mission, and stock rallies seen amid the latest rate hikes.
2h ago - Simply Wall St.
With 41% institutional ownership, Baidu, Inc. (NASDAQ:BIDU) is a favorite amongst the big guns
Every investor in Baidu, Inc. ( NASDAQ:BIDU ) should be aware of the most powerful shareholder groups. The group...
6h ago - Yahoo Finance
Apple earnings will be the latest sign the tech industry is coming back to Earth
If Apple's earnings hue closely to analysts' predictions, it'll be just the latest sign that the tech industry is on the downswing.
2h ago - Insider Monkey
Top 25 Smartest Companies To Buy According To Hedge Funds
In this piece, we will take a look at the top 25 smartest companies to buy according to hedge funds. For more companies, head on over to Top 5 Smartest Companies To Buy According To Hedge Funds. Surviving in the modern day corporate world is not for the faint of heart. Business is a ruthless […]
7h ago - Yahoo Finance
Stock market live news updates: Tech stocks soar after Fed's latest rate hike
U.S. stocks were higher on Wednesday with a tech sector rally punctuating the action following the latest interest rate increase from the Federal Reserve.
1h ago - Reuters
Newsmaker: Gautam Adani, one of India's most powerful men, suffers a rare defeat
India's Gautam Adani, the school dropout who rose to become one of the world's richest men, suffered a stunning defeat on Wednesday when his flagship firm withdrew a blockbuster share sale after an attack by a small U.S. investment firm over his business practices. The move came after Adani's companies lost nearly $86 billion in the stock market as investors bailed out on the tycoon who built a conglomerate spanning ports, coal mines, food businesses, airports and lately media. On Tuesday, the Adani group appeared to have fought back the attack by the New York-based short-seller Hindenburg and rallied investors behind the $2.5 billion share issue of flagship firm Adani Enterprises.
3h ago - Zacks
Juniper (JNPR) Q4 Earnings Meet Estimates as Revenues Surge
Juniper (JNPR) reports mixed fourth-quarter 2022 results as it experienced strong growth in cloud and enterprise business but saw a decline in the service provider vertical.
7h ago - MarketWatch
Intel cuts pay, bonuses and other benefits while maintaining dividend
Intel Corp. continues to cut costs for everything except payments to investors. Intel (INTC) which is already in the process of cutting what is believed to be thousands of jobs amid steep declines in profit and revenue, is reducing Chief Executive Pat Gelsinger’s base salary by 25% and trimming other salaries at a descending rate based on seniority, down to 5% cuts for midlevel positions, a person familiar with the matter told MarketWatch. While nonexempt workers and junior positions face no pay cuts, Intel is trimming its 401(k) contributions to 2.5% from 5% and will suspend merit raises and quarterly performance bonuses, the person said.
3h ago - Fortune
ARK’s Cathie Wood predicts these innovations will soar 40% in value every year to over $200 trillion by 2030
Wood’s team identifies 14 distinct technologies they believe will feed off each other.
9h ago - Fortune
Intel cuts CEO pay by 25% as a chip glut wipes out profits—and even middle managers will take a salary hit
Intel is slashing its CEO pay by 25%—but cuts aren't just limited to executives.
14h ago - TheStreet.com
$90 Billion Collapse of Billionaire Adani's Empire
The Indian tycoon's conglomerate is being routed on the stock market, and where it ends is unclear.
9h ago - Motley Fool
Why Johnson Controls Stock Is Down Today
Johnson Controls International (NYSE: JCI) delivered quarterly results that were in line with expectations, but with the stock up about 40% since Oct. 1, investors were apparently expecting more. The stock price fell by as much as 7% on Wednesday morning as bulls adjusted to the realities of a difficult operating environment that is impacting many of the company's markets. Johnson Controls manufactures heating, ventilation, and air conditioning (HVAC) products and other building automation equipment for residential and commercial properties.
4h ago - Zacks
EOG Resources (EOG) Dips More Than Broader Markets: What You Should Know
EOG Resources (EOG) closed the most recent trading day at $132.10, moving -1.9% from the previous trading session.
2d ago - Zacks
Fluence Energy, Inc. (FLNC) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
Fluence Energy, Inc. (FLNC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
7h ago - MarketWatch
Michael Burry says sell and Jim Cramer says buy. As the Fed meets, here’s how they both could be wrong on stocks.
Michael Burry, the hedge-fund manager at Scion Asset Management who correctly forecast the 2008 financial crisis, on Tuesday night sent out a one-word tweet: “Sell.” Burry didn’t elaborate, but it’s not hard to fill in the blanks. Assets like bitcoin and ARK Innovation ETF surged in January, in a seeming dash for trash on the view the Fed’s going to pivot to rate cuts soon, which is a lot to stomach for a value-focused investor like Burry.
11h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK