Meta shared its quarterly earnings earlier this week, with the results beating the expectations of analysts. The company saw its earnings per share coming at $4.71 versus $4.32 per share expected, while the revenue of $36.46 billion also beat estimations of $36.16 billion.

However, the company issued a weak forecast for the next quarter, predicting sales to come in the range of $36.5 billion to $39 billion, while the analysts expected $38.3 billion. Additionally, the company now expects to have a capital expenditure of between $35 billion and $40 billion compared to previous expectations of $30 billion to $37 billion due to focus on AI.

“We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” Meta shared in a statement.

Meta’s shares closed at $493.50 on Wednesday but plunged all the way down to $421.18 in after-hours trading and wiped out close to $200 billion of market value. Before the plunge, the company’s stock was 42.51% up year to date.

The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.

Paul de La Baume, an investment advisor at BNP Paribas Suisse SA, commented that traders are “opting to sell first in fear that sentiment will get worse before it gets better.” A slew of disappointing corporate earnings has prompted investors to reevaluate their valuations which appear to be higher than they should be.

With Treasury yields on the rise and the dollar continuing to strengthen, observers now await US initial jobless claims and GDP numbers that are set to be released later in the day. These metrics are expected to provide a clearer picture of the current economic landscape.

The post Nasdaq Futures Plunge 1% Following Disappointing Earnings appeared first on theprimarymarket.com.

According to the memo obtained by Insider, Meta employees will be required to work in the office at least three days a week starting from September 5. The policy won’t affect workers that receive exemptions from the management or were hired for fully remote positions.

The company also warned employees that refusal to follow the “in-person time policy” could lead to job loss or negatively impact an individual’s performance review. On the flip side, fully remote workers will have limited access to the office, being able to come in for a maximum of four days in a span of two months.

“In the near-term, our in-person focus is designed to support a strong, valuable experience for our people who have chosen to work from the office, and we’re being thoughtful and intentional about where we invest in remote work,”  Meta spokesperson told Fortune when reached for comment.

Meta’s “in-person time policy” comes as a surprise, considering that the company was at the forefront of the remote work shift during the pandemic days. Several other big tech companies, including Apple and Google, have also been making a push to get employees back to the office. 

The post Meta Employees Will Face Termination for Not Complying With “In-Person Time Policy” appeared first on theprimarymarket.com.

Digital ads, artificial intelligence (AI), as well as the newly-launched Twitter competitor Threads, are of particular interest to observers, along with the company’s VR operation, Reality Labs.

“We believe Meta is in the early stages of benefiting from multiple product catalysts, including Reels, AI, and cost discipline,” Boone explained. “Specifically, Reels and improved recommendation algorithms are driving greater user engagement, and with models still improving, we expect Facebook and Instagram to continue to take share of user time.”

Wall Street expects Meta to report a revenue of $31.06 billion with earnings per share of $2.92. The company’s operating margin is expected to come in at 30.4%.

The post Earnings Estimates Released for Meta’s Q2 Results appeared first on theprimarymarket.com.

As a result of Meta’s strong performance in Q1, the company’s stock soared in after-hours trading. The shares jumped almost 12% compared to Wednesday’s close price of $209.40.

Meta’s revenue grew by 3% compared to the same period last year and came to $28.65 billion. The analysts polled by Bloomberg expected a decline and revenue of $27.67 billion. The $2.20 in earnings per share topped the estimated EPS of $2.01, while advertising revenue of $28.1 billion was also well above the expected $26.76 billion.

“We had a good quarter, and our community continues to grow,” Meta’s CEO Mark Zuckerberg said in a statement. “We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.”

Among other numbers, Meta raised its forecast for the second quarter of 2023 to $29.5 billion-$32 billion, compared to an estimated $29.48 billion. The company also reported a $1 billion loss from the restructuring process it underwent earlier this year and expects an additional $500 million in costs from the job cuts.

The post Meta Stock Soars After Impressive Q1 Earnings Results appeared first on theprimarymarket.com.

Users who opt to get Meta Verified will have a blue check mark on their profile and access to various other features.

“You can get a badge, proactive impersonation protection, and direct access to customer support,” said Zuckerberg.

Meta Verified costs $11.99 per month when purchased through the web and $14.99 for those who opt to get it via mobile. Aside from monthly payments, Facebook and Instagram users will be required to verify their profiles by submitting a government-issued ID with a photo and name that matches their account. There are also several other requirements, like being 18 or older. 

It is important to note that the profiles that already have the blue check mark, which was previously reserved for celebrities and other public figures, won’t be required to reapply or pay for Meta Verified at the moment.

Several other social media platforms already have similar subscription-based programs. Snapchat has launched Snapchat+, which offers users some exclusive features for a monthly fee of $3.99, while Twitter charges $8 per month for its own verification program.

The post Meta Officially Launches Paid Verification Program “Meta Verified” in the US appeared first on theprimarymarket.com.

Kustomer sells CRM software for businesses to foster communication with customers via phone, email, text messages, WhatsApp, Instagram, and other channels. While the company’s sales surged during the height of the COVID-19 pandemic, they have since flattened out.

“We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer’s product and customer base throughout this process,” Meta announced in a public statement.

The decision to withdraw from its investment in Kustomer comes as Meta looks to refocus its efforts on growing the profitability of its core businesses. Some of the pathways for growth being explored by the Facebook parent company include expanding its business messaging offerings which include the monetization opportunity for WhatsApp.

The post Meta Explores Divestment From Customer Service Company Kustomer appeared first on theprimarymarket.com.

Back in November, the company laid off 11,000 workers in what has been the first massive layoff for the company since its inception. Meta executives reportedly wanted to create a “more efficient organization” and didn’t hesitate to get rid of entire teams if they deemed them non-essential.

These previous layoffs are considered to be a part of the “flattening” process, which usually includes reducing the number of management levels. The new round of layoffs, on the other hand, is believed to be driven by financial targets.

Meta has seen a drop in advertisement revenue lately, causing the company to find ways to cut costs and find additional sources of revenue. As part of these efforts, it will introduce a service called Meta Verified, which will allow users to get account verification badges and additional perks for a monthly fee.

After suffering a significant decline last year, Meta stock experienced a significant surge to start 2023. The company’s shares are currently at $184.90, almost 50% up year-to-date.

The post Meta Plans a New Round of Layoffs That Will Affect Thousands appeared first on theprimarymarket.com.

Within is the developer of VR fitness app Supernatural, which is the main reason FTC has a problem with Meta’s acquisition. According to the complaint, this would result in “multiple harmful outcomes” for the customers – lack of innovation, lower quality, less consumer choice, and higher prices – since Meta already has its own virtual reality fitness app that is one of the best-selling on the market.

“Meta chose to buy market position instead of earning it on the merits,” said FTC Bureau of Competition deputy director John Newman. “This is an illegal acquisition, and we will pursue all appropriate relief.”

Meta, on the other hand, said that the move would be a “good thing” for users, developers, and VR technology in general. It denied FTC’s claims, branding them as ideology and speculation-based.

Within agreed to sell itself to Meta back in October in a deal worth around $400 million. The move is part of Meta’s strategy to expand its “metaverse” and further establish its dominance in virtual reality space.

The post FTC Sues Meta in Attempt to Block Its Acquisition of Within appeared first on theprimarymarket.com.

The New York Times reports that Zuckerberg addressed the future of the company during a recent internal videoconference meeting and said that he expects one of the “worst downturns that we’ve seen in recent history.” The Facebook founder also warned the staff that their performances will be carefully monitored and that they would have to be more careful with managing the resources at their disposal. 

Zuckerberg also told the workers that they were free to go in case they were not okay with these new changes.

“I think some of you might decide that this place isn’t for you, and that self-selection is OK with me,” Zuckerberg said via The New York Times. “Realistically, there are probably a bunch of people at the company who shouldn’t be here.”

Besides expecting some exits, Meta also readjusted its plans for hiring new staff in the future. The company’s previous goal for 2022 was to hire 10,000 new engineers. However, the revised numbers are expected to be around 6,000.

The post Mark Zuckerberg Warns Meta Staff About Tough Times Ahead appeared first on theprimarymarket.com.

Meta shared its quarterly earnings earlier this week, with the results beating the expectations of analysts. The company saw its earnings per share coming at $4.71 versus $4.32 per share expected, while the revenue of $36.46 billion also beat estimations of $36.16 billion.

However, the company issued a weak forecast for the next quarter, predicting sales to come in the range of $36.5 billion to $39 billion, while the analysts expected $38.3 billion. Additionally, the company now expects to have a capital expenditure of between $35 billion and $40 billion compared to previous expectations of $30 billion to $37 billion due to focus on AI.

“We expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” Meta shared in a statement.

Meta’s shares closed at $493.50 on Wednesday but plunged all the way down to $421.18 in after-hours trading and wiped out close to $200 billion of market value. Before the plunge, the company’s stock was 42.51% up year to date.

The post Meta Stock Slides 14% After Announcement of Plans for “Aggressive” AI Expenditures appeared first on theprimarymarket.com.

Paul de La Baume, an investment advisor at BNP Paribas Suisse SA, commented that traders are “opting to sell first in fear that sentiment will get worse before it gets better.” A slew of disappointing corporate earnings has prompted investors to reevaluate their valuations which appear to be higher than they should be.

With Treasury yields on the rise and the dollar continuing to strengthen, observers now await US initial jobless claims and GDP numbers that are set to be released later in the day. These metrics are expected to provide a clearer picture of the current economic landscape.

The post Nasdaq Futures Plunge 1% Following Disappointing Earnings appeared first on theprimarymarket.com.

According to the memo obtained by Insider, Meta employees will be required to work in the office at least three days a week starting from September 5. The policy won’t affect workers that receive exemptions from the management or were hired for fully remote positions.

The company also warned employees that refusal to follow the “in-person time policy” could lead to job loss or negatively impact an individual’s performance review. On the flip side, fully remote workers will have limited access to the office, being able to come in for a maximum of four days in a span of two months.

“In the near-term, our in-person focus is designed to support a strong, valuable experience for our people who have chosen to work from the office, and we’re being thoughtful and intentional about where we invest in remote work,”  Meta spokesperson told Fortune when reached for comment.

Meta’s “in-person time policy” comes as a surprise, considering that the company was at the forefront of the remote work shift during the pandemic days. Several other big tech companies, including Apple and Google, have also been making a push to get employees back to the office. 

The post Meta Employees Will Face Termination for Not Complying With “In-Person Time Policy” appeared first on theprimarymarket.com.

Digital ads, artificial intelligence (AI), as well as the newly-launched Twitter competitor Threads, are of particular interest to observers, along with the company’s VR operation, Reality Labs.

“We believe Meta is in the early stages of benefiting from multiple product catalysts, including Reels, AI, and cost discipline,” Boone explained. “Specifically, Reels and improved recommendation algorithms are driving greater user engagement, and with models still improving, we expect Facebook and Instagram to continue to take share of user time.”

Wall Street expects Meta to report a revenue of $31.06 billion with earnings per share of $2.92. The company’s operating margin is expected to come in at 30.4%.

The post Earnings Estimates Released for Meta’s Q2 Results appeared first on theprimarymarket.com.

As a result of Meta’s strong performance in Q1, the company’s stock soared in after-hours trading. The shares jumped almost 12% compared to Wednesday’s close price of $209.40.

Meta’s revenue grew by 3% compared to the same period last year and came to $28.65 billion. The analysts polled by Bloomberg expected a decline and revenue of $27.67 billion. The $2.20 in earnings per share topped the estimated EPS of $2.01, while advertising revenue of $28.1 billion was also well above the expected $26.76 billion.

“We had a good quarter, and our community continues to grow,” Meta’s CEO Mark Zuckerberg said in a statement. “We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.”

Among other numbers, Meta raised its forecast for the second quarter of 2023 to $29.5 billion-$32 billion, compared to an estimated $29.48 billion. The company also reported a $1 billion loss from the restructuring process it underwent earlier this year and expects an additional $500 million in costs from the job cuts.

The post Meta Stock Soars After Impressive Q1 Earnings Results appeared first on theprimarymarket.com.

Users who opt to get Meta Verified will have a blue check mark on their profile and access to various other features.

“You can get a badge, proactive impersonation protection, and direct access to customer support,” said Zuckerberg.

Meta Verified costs $11.99 per month when purchased through the web and $14.99 for those who opt to get it via mobile. Aside from monthly payments, Facebook and Instagram users will be required to verify their profiles by submitting a government-issued ID with a photo and name that matches their account. There are also several other requirements, like being 18 or older. 

It is important to note that the profiles that already have the blue check mark, which was previously reserved for celebrities and other public figures, won’t be required to reapply or pay for Meta Verified at the moment.

Several other social media platforms already have similar subscription-based programs. Snapchat has launched Snapchat+, which offers users some exclusive features for a monthly fee of $3.99, while Twitter charges $8 per month for its own verification program.

The post Meta Officially Launches Paid Verification Program “Meta Verified” in the US appeared first on theprimarymarket.com.

Kustomer sells CRM software for businesses to foster communication with customers via phone, email, text messages, WhatsApp, Instagram, and other channels. While the company’s sales surged during the height of the COVID-19 pandemic, they have since flattened out.

“We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer’s product and customer base throughout this process,” Meta announced in a public statement.

The decision to withdraw from its investment in Kustomer comes as Meta looks to refocus its efforts on growing the profitability of its core businesses. Some of the pathways for growth being explored by the Facebook parent company include expanding its business messaging offerings which include the monetization opportunity for WhatsApp.

The post Meta Explores Divestment From Customer Service Company Kustomer appeared first on theprimarymarket.com.

Back in November, the company laid off 11,000 workers in what has been the first massive layoff for the company since its inception. Meta executives reportedly wanted to create a “more efficient organization” and didn’t hesitate to get rid of entire teams if they deemed them non-essential.

These previous layoffs are considered to be a part of the “flattening” process, which usually includes reducing the number of management levels. The new round of layoffs, on the other hand, is believed to be driven by financial targets.

Meta has seen a drop in advertisement revenue lately, causing the company to find ways to cut costs and find additional sources of revenue. As part of these efforts, it will introduce a service called Meta Verified, which will allow users to get account verification badges and additional perks for a monthly fee.

After suffering a significant decline last year, Meta stock experienced a significant surge to start 2023. The company’s shares are currently at $184.90, almost 50% up year-to-date.

The post Meta Plans a New Round of Layoffs That Will Affect Thousands appeared first on theprimarymarket.com.

Within is the developer of VR fitness app Supernatural, which is the main reason FTC has a problem with Meta’s acquisition. According to the complaint, this would result in “multiple harmful outcomes” for the customers – lack of innovation, lower quality, less consumer choice, and higher prices – since Meta already has its own virtual reality fitness app that is one of the best-selling on the market.

“Meta chose to buy market position instead of earning it on the merits,” said FTC Bureau of Competition deputy director John Newman. “This is an illegal acquisition, and we will pursue all appropriate relief.”

Meta, on the other hand, said that the move would be a “good thing” for users, developers, and VR technology in general. It denied FTC’s claims, branding them as ideology and speculation-based.

Within agreed to sell itself to Meta back in October in a deal worth around $400 million. The move is part of Meta’s strategy to expand its “metaverse” and further establish its dominance in virtual reality space.

The post FTC Sues Meta in Attempt to Block Its Acquisition of Within appeared first on theprimarymarket.com.

The New York Times reports that Zuckerberg addressed the future of the company during a recent internal videoconference meeting and said that he expects one of the “worst downturns that we’ve seen in recent history.” The Facebook founder also warned the staff that their performances will be carefully monitored and that they would have to be more careful with managing the resources at their disposal. 

Zuckerberg also told the workers that they were free to go in case they were not okay with these new changes.

“I think some of you might decide that this place isn’t for you, and that self-selection is OK with me,” Zuckerberg said via The New York Times. “Realistically, there are probably a bunch of people at the company who shouldn’t be here.”

Besides expecting some exits, Meta also readjusted its plans for hiring new staff in the future. The company’s previous goal for 2022 was to hire 10,000 new engineers. However, the revised numbers are expected to be around 6,000.

The post Mark Zuckerberg Warns Meta Staff About Tough Times Ahead appeared first on theprimarymarket.com.