Historyįacebook filed for an initial public offering (IPO) on January 1, 2012. According to Meta, the term "metaverse" refers to the integrated environment that links all of the company's products and services. On October 28, 2021, the parent company of Facebook changed its name from Facebook, Inc., to Meta Platforms, Inc., to "reflect its focus on building the metaverse". In 2021, the company generated 97.5% of its revenue from the sale of advertising. It has acquired Reality Labs, Mapillary, CTRL-Labs, Kustomer, and has a 9.99% stake in Jio Platforms. Meta's products and services include Facebook, Instagram, WhatsApp, Messenger, and Quest 2. It is often considered one of the Big Five American information technology companies, alongside Alphabet (parent company of Google), Amazon, Apple, and Microsoft. Meta is one of the world's most valuable companies and among the ten largest publicly traded corporations in the United States. The company owns Facebook, Instagram, and WhatsApp, among other products and services. “We’re hopeful the company kitchen-sinked the outlook,” said Shyam Patil, an analyst at Susquehanna Financial Group.Meta Platforms, Inc., formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California. At the time, it set the record for the largest-ever loss of value in one day for a U.S. The stock plunged 19 per cent in July 2018 on a slowdown in user growth, translating to a about US$120 billion decline in market capitalization. It’s not the first time Meta shares have dropped dramatically. The company makes up one of the original Faang cohort of tech megacaps, including Google’s parent Alphabet Inc., Inc. Meta’s market cap as of Wednesday’s close stood at roughly US$900 billion. Meta shares rose 1.4 per cent after hours. all closed lower Thursday and dragged the Nasdaq Index down 4.2 per cent, its worst selloff since September 2020. Meta “finds itself in the middle of a perfect storm,” wrote Youssef Squali, an analyst at Truist Securities. They may suffer more in a rising yield environment, especially if growth becomes more questionable,” said Frederic Rollin, senior investment advisor at Pictet Asset Management. The sheer size of Facebook’s collapse illustrates just how tech companies have ballooned in size to become behemoths with unprecedented market power, and the drama that can ensue when they stumble. The results were “a headline grabber and not in a good way.” Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?” Analysts are pointing to the stiff competition that Meta now faces from rivals and to the fact that revenue was below expectations as causes for concern. company ever.Īnd while the stock could certainly bounce back in coming days, especially given the volatility that’s gripped the technology sector this year, the mood on Wall Street has turned decidedly bleak on the long-time market darling. That’s the biggest wipeout in market value for any U.S. The Facebook parent plunged 26 per cent Thursday on the back of woeful earnings results, and erased about US$251.3 billion in market value. Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.
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