![]() ![]() Many of the top Meta shareholders who took losses, too, on Thursday will be familiar as many Americans have investments including 401(k) plans with them: 7 on Bloomberg's Billionaires, had already seen a decline of $4.9 billion in 2022. When the markets closed, his holdings were worth $89.1 billion. Zuckerberg's shares had been valued at $121 billion before the market opened Thursday. 17, 2019.įacebook co-founder and Meta CEO Mark Zuckerberg personally lost nearly $32 billion Zuckerberg is the largest individual Meta shareholder, with more than 374.8 million shares, or about 12.5% of total shares outstanding, according to S&P Global Market Intelligence. In the earnings report, the company said infrastructure capacity may need to be improved for the Reality Labs segment, though at present it does not see the need for more capacity as a “significant driver” of expenses in 2022.Facebook CEO Mark Zuckerberg speaks at Georgetown University, in Washington, on Oct. On the expense side, Meta said it was earmarking $10 billion for investment in metaverse projects. It was the first specific breakout of the company’s emerging business, which it hopes will become the new centerpiece of the company as the decade unfolds. The Reality Labs segment brought in $877 million during the quarter, up from $717 million in the year-ago period. The company now reports results in two business units: Family of Apps, including Facebook, Instagram, Messenger and WhatsApp and Facebook Reality Labs. The FB symbol has been in use since the company’s initial public offering in 2012.įrom a financial standpoint, a structural change enacted along with the new name could have an impact on earnings and the company’s value in the eyes of Wall Street. In the quarterly report, the company said its ticker symbol on the Nasdaq will change to “META” from “FB” at some point during the first half of 2022. The change also provided a welcome distraction from intensifying government scrutiny and customer backlash in the wake of whistleblower revelations. The company formally changed its name from Facebook to Meta late last year, signaling a strategic shift from social media to the metaverse. Facebook’s daily active user base on its own averaged 1.93 billion in December 2021, an increase of 5%. The average number of people using one of the company’s apps - among them Facebook, Instagram, WhatsApp and Messenger - gained 8% from the year-ago frame to 2.82 billion. Changes to Apple’s iOS have also hurt ad targeting and measurement, the company said, with a negative impact in the range of $10 billion for the full year. Explaining the shortfall, the company cited an ongoing share-shift to short-form video platform Reels, which generates less revenue than platforms like Feed or Stories but is strategically important as an answer to TikTok. Revenue will reach $27 billion to $29 billion, the company said, a level significantly short of analysts’ prediction for $30.15 billion. Meta offered guidance for the current first quarter that was softer than what Wall Street expected. “This year is going to be about executing,” he noted. Last year’s renaming and strategic shift was the first step in the company’s evolution. “The metaverse will be built by creators and developers, it will be interoperable, and it will touch many, many parts of the economy.” “This is not something we’re going to do on our own,” he said. As more and more companies invest in the metaverse, he maintained, the more opportunities there will be for Meta. In the 18 years since he founded Facebook, Zuckerberg said, he has seen the prevailing mode of communication shift from text in the 2000s, then to pics driven by smartphone adoption, and finally to video powered by broadband.Īs far as the metaverse, Zuckerberg continued to wave the banner for “richer social experiences” available in virtual worlds. “This is why our focus on Reels is so important over the long term.” “People have a lot of choices with how they want to spend their time, and apps like TikTok are growing very quickly,” CEO Mark Zuckerberg said. Revenue of $33.67 billion climbed 20% year-over-year and matched Street views. Mark Zuckerberg Fight Will Be Livestreamed On TwitterĮarnings per share of $3.67 on a diluted basis fell short of the consensus estimate of $3.85 and slid 5% from the same period a year ago.
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