Meta Platforms Inc. (META) PT Raised to $305 at Evercore ISI 'Based on META’s reduced Totex guidance (Total Expenses)'
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Analysts raise targets on Meta Platforms (META) on better-than-expected cost guidance
March 15, 2023 6:27 AM EDTMeta Platforms (NASDAQ: META) shares closed 7.25% higher yesterday after the company announced fresh job cuts. The metaverse-focused company expects these actions will help it save $3 billion in operating expenses this year.
In our Year of Efficiency, we are focused on canceling projects that are duplicative or lower priority and making every organization as lean as possible, CEO Mark Zuckerberg wrote in a memo to staff.
Meta plans to slash 10,000 jobs and eliminate additional 5,000 open roles that it hasnt yet hired.
What... More
Meta Platforms Inc. (META) PT Raised to $230 at Truist Securities
March 14, 2023 12:28 PM EDTTruist Securities analyst Youssef Squali raised the price target on Meta Platforms Inc. (NASDAQ: META) to $230.00 (from $215.00) while maintaining a Buy rating on further cost cuts.
... MoreU.S. stocks are rising after inflation data fuels hopes on lower rate hikes
March 14, 2023 10:03 AM EDTBy Liz Moyer
Investing.com -- U.S. stocks were rising after inflation data met expectations, fueling hopes for a smaller interest rate increase by the Federal Reserve next week.
At 9:44 ET (13:44 GMT), the Dow Jones Industrial Average rose 303 points or 0.9%, while the S&P 500 rose 1.5% and the NASDAQ Composite rose 1.9%.
The Bureau of Labor Statistics reported a 0.4% rise in the consumer price index in February from the... More
Meta Platforms (META) stock gains 6% on slashed expenses forecast; Expects to cut 10,000 jobs
March 14, 2023 9:52 AM EDTMeta Platforms (NASDAQ: META) slashed its total expenses forecast for the full year by $3 billion after saying it plans to cut 10,000 more jobs.
Shares are trading nearly 6% higher following the news.
Moreover, the company will close around 5,000 open roles that it hasnt yet hired. The metaverse business also plans to lift hiring and transfer freezes after the... More
Meta Platforms (META) jumps nearly 4% on latest job cuts
March 14, 2023 9:26 AM EDTMeta Platforms (NASDAQ: META) trades up 3.9% after confirming more job cuts:
expect to reduce its team size by around 10,000 people and to close around 5,000 additional open roles that we havent yet hiredsees FY23 restructuring charge of $3-$5 billion.CEO Mark Zuckerberg called 2023 its "Year of Efficiency."... More
Meta to cut 10,000 jobs in second round of layoffs
March 14, 2023 9:10 AM EDTBy Katie Paul and Nivedita Balu
(Reuters) -Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn.
Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see the company scrap hiring plans for 5,000 openings, kill off lower-priority projects and "flatten" layers of middle management.
They followed the company's first mass layoff in the fall, which eliminated more than 11,000 jobs, or 13% of... More
Meta Platforms (META) to reduce team size by around 10,000 people and to close around 5,000 additional open roles
March 14, 2023 9:05 AM EDT(Updated - March 14, 2023 9:05 AM EDT)
Meta Platforms (NASDAQ: META) announced:
Meta is building the future of human connection, and today I want to share some updates on our Year of Efficiency that will help us do that. The goals of this work are: (1) to make us a better technology company and (2) to improve our financial performance in a difficult environment so we can execute our long term vision.
Our efficiency work has several parallel workstreams to improve organizational efficiency, dramatically increase developer productivity and tooling, optimize distributed work,... More
Citi reiterates Meta Platforms (META) as Top Pick, sees compelling risk reward
March 14, 2023 7:26 AM EDTCiti analyst Ronald Josey discusses key internet trends and top stocks to own in this sector, reiterating Amazon, Meta, Criteo, and Wix as top picks.
"While we recognize the broader macro challenges, we believe stabilizing top-line and improving profitability trends create compelling entry points for: META, CRTO, and... More
Meta to wind down NFTs on platforms amid crypto bust
March 13, 2023 5:23 PM EDT(Reuters) -Meta Platforms Inc is cutting off support for digital collectibles or non-fungible tokens (NFTs) on its platforms less than a year after rolling it out, as the crypto market continues to spiral.
"We're winding down digital collectibles (NFTs) for now to focus on other ways to support... More
S&P 500 turns positive after paring losses on bets of less aggressive Fed
March 13, 2023 3:40 PM EDTBy Yasin Ebrahim
Investing.com The S&P 500 pared losses Monday, as investors weighed up a sharp drop in rates amid bets of a less aggressive Federal Reserve and ongoing turmoil in the banking sector despite the rescue of SVB.
The S&P 500 was up 0.70%, the Dow Jones Industrial Average rose 0.4%, or 140 points, the Nasdaq Composite surged 1.4%.
Treasury yields plummeted, with the 2-year Treasury falling more than 51 basis points to six-week lows as investors bet... More
Mizuho positive on Meta Platforms (META) efforts to drive further efficiency
March 13, 2023 8:20 AM EDTMizuho Securities analyst James Lee provided positive commentary on Meta Platforms (NASDAQ: META) in a note to clients on Sunday, based on recent reports that the tech giant could initiate another round of layoffs at a similar scale to the last round at 13%... More
Active options: META JPM MARA AMC GOOGL MSFT BABA SCHW GOOG WFC NFLX INTC
March 13, 2023 4:15 AM EDTActive options: META JPM MARA AMC GOOGL MSFT BABA SCHW GOOG WFC NFLX INTC
... MoreMizuho remains bullish on Meta Platforms (META) after report on new job cuts; sees further catalysts
March 13, 2023 2:10 AM EDTMizuho Securities analyst James Lee reiterated a Buy rating and $210.00 price target on Meta Platforms Inc. (NASDAQ: META) after Wall Street Journal reported that the company will cut more staff over the coming weeks.
"We applaud the companys efforts to drive further... More
Upcoming job cuts at Meta to be roughly the same magnitude as last year's - WSJ
March 11, 2023 4:43 AM ESTShares of Meta Platforms (NASDAQ: META) rose 1.5% in after-hours trading Friday after the Wall Street Journal reported the company is set to lay off more staff over the coming months.
These job cuts are likely to be implemented in multiple rounds. Ultimately, Meta could cut as many jobs... More
Meta Platforms (META) Plans New Job Cuts That Could Match Last Year’s Tally - WSJ
March 10, 2023 5:30 PM ESTMeta Platforms (NASDAQ: META) Plans New Job Cuts That Could Match Last Years Tally - WSJ
New layoffs at Meta Platforms would follow cuts of around 11,000 employees started last year.... MoreSVB Financial, Gap, Oracle and DocuSign fall premarket; Roblox rises
March 10, 2023 8:02 AM ESTBy Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, March 10th. Please refresh for updates.
SVB Financial (NASDAQ: SIVB) stock fell 44%, adding to Thursdays rout after the lender announced a $2.25 billion equity raise following the announcement of a $1.8B net loss and negative annual and first quarter guidance, hurt by the impact from higher interest rates.
Apple (NASDAQ:... More
Needham & Company worried Meta Platforms' core business has 'no terminal value,' like MySpace before it
March 10, 2023 7:56 AM ESTNeedham & Company analyst Laura Martin told investors in a note Friday that they are worried Meta Platforms (NASDAQ: META) has no terminal value in its core business, "like MySpace before it."
"We worry that META has no terminal value in its core business because negative network effects accelerate its decline," explained Martin, who has an... More
Meta Platforms exploring decentralized social network for text updates - Reuters
March 10, 2023 7:13 AM ESTBy Scott Kanowsky
Investing.com -- Facebook-owner Meta Platforms Inc (NASDAQ: META) is exploring a standalone decentralized network for sharing text updates, Reuters reported on Friday.
In a statement published by the news agency, a Meta spokesperson confirmed earlier speculation... More
Needham & Company Reiterates Underperform Rating on Meta Platforms Inc. (META)
March 10, 2023 7:03 AM ESTNeedham & Company analyst Laura Martin reiterated an Underperform rating on Meta Platforms Inc. (NASDAQ: META).
"Our Underperform rating on META is based on 3 key issues we lose sleep over: META does not control its content, the bulk of which is user-generated... More
Meta exploring plans for Twitter rival
March 10, 2023 12:13 AM EST(Reuters) -Meta Platforms Inc is exploring plans to launch a new social media app in its bid to displace Twitter as the world's "digital town square".
"We're exploring a standalone decentralized social network for sharing text updates. We believe there's an opportunity for a separate space where creators and public figures can share timely updates about their interests," a Meta spokesperson told Reuters in an emailed statement.
Meta's app will be based on a similar framework that powers Mastodon, a Twitter-like service that was launched in 2016.
... More