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By Staff Reporters
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- Markets: Stocks came out of the Q4 gate with the S&P and NASDAQ posting their best first day of a quarter since 2009. Is it just a temporary “relief rally” from the Fed-induced gloom of September? We’ll find out soon. One of the few party downers was Tesla, which got hammered after it revealed it shipped fewer cars than expected last quarter.
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Meta meanwhile will reduce budgets across most teams, even those that are growing, and that individual teams will sort out how to handle headcount changes. That could mean not filling roles that employees depart, shifting people to other teams, or working to “manage out people who aren’t succeeding,” CEO Mark Zuckerberg said. The cost cuts and hiring freeze are Meta’s starkest admission that advertising revenue growth is slowing amid mounting competition for users’ attention. Besides economic pressures, the company’s advertising business, built on precise consumer targeting, has lost some of its edge due to new privacy restrictions from Apple Inc. on tracking iPhone users. Also, rival TikTok is attracting younger users away from Meta’s Instagram platform. Zuckerberg is also making an expensive bet on the metaverse, an immersive virtual reality future where he imagines people will eventually communicate, an effort he has said will lose money for many years.
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Filed under: Alerts Sign-Up, Alternative Investments, Investing | Tagged: Facebook, Mark Zuckerberg, markets, Meta, Meta Down, Tesla, Zuckerberg |
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META Down
Atop European Union privacy regulator ruled that Meta Platforms Inc. can’t use its contracts with Facebook and Instagram users to justify sending them ads based on their online activity, delivering one of the bloc’s biggest blows yet to the digital advertising industry.
https://www.msn.com/en-us/money/news/meta-fined-more-than-400-million-for-sending-online-activity-based-ads/ar-AA15XNFx?cvid=25b9a948ff754607b83cb1eb7eaa1604
Brian
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