Meta Platforms Inc. changed its narrative in a big way this week, and that’s resonating on Wall Street. Three months ago, Chief Executive Mark Zuckerberg and his leadership team sounded fairly defiant as they laid out big spending plans despite economic angst, an attitude that helped send shares toward one of their worst days on … Read more
For years, Wall Street groused about Silicon Valley’s refusal to pay dividends and buy back stock as tech companies grew into cash-generating machines. That is no longer a problem, even though those tech companies are generating fewer profits than they were in previous years. In fact, some tech companies are basically paying off Wall Street … Read more
Meta Platforms Inc. shares soared in late trading Wednesday despite an earnings miss, as the Facebook parent company guided for potentially more revenue than Wall Street expected in the new year and promised more share repurchases amid cost cuts. Meta META, +2.79% said it hauled in $32.17 billion in fourth-quarter revenue, down from $33.67 billion … Read more
A California judge on Wednesday denied the Federal Trade Commission’s bid for a preliminary injunction to block Meta Platforms Inc.’s proposed acquisition of VR startup Within Unlimited. The sealed decision from federal judge Edward Davila of San Jose, Calif., does not preclude the agency from pursuing a separate case to block the deal, according to … Read more
Amazon.com Inc., Apple Inc. and Microsoft Corp. set records in their disclosed annual spending on Washington lobbying last year, as each tech giant shelled out more in a year than it ever has before amid pressure from Congress and the Biden administration. Amazon AMZN, -0.86% and three subsidiaries shelled out a total of $21.38 million … Read more
U.S. companies are in a precarious spot as the most important week of earnings season begins Monday. Investors will get a better sense of how corporate profits are being impacted by inflation and the Federal Reserve’s hikes to interest rates as 35% of S&P 500 companies are due to report quarterly results this week, according … Read more
In the biggest week of the holiday-earnings season, Big Tech results will receive the spotlight amid thousands of layoffs that could only be the beginning. After tech stocks were decimated in 2022, investors will be looking for signs of a turnaround in holiday reports and potential forecasts for the year ahead from three of 2022’s … Read more
BuzzFeed Inc.’s stock soared another 73% on Friday to put it on track for a weekly gain of 283%, as analysts weighed in on news relating to a partnership with Facebook and artificial-intelligence initiatives with some bullish comments. The Wall Street Journal reported on Thursday that BuzzFeed BZFD, +80.38% is planning to leverage ChatGPT and … Read more
From all indications, Meta Platforms Inc. appears to be in mega trouble as it prepares to announce fiscal fourth-quarter results on Wednesday. Facebook’s embattled parent company META, +3.46% is awash in more than 11,000 layoffs, a foundering metaverse push, plunging market value, and executive departures amid a digital-advertising decline. Then there is the threat of … Read more
Google parent Alphabet Inc. has slashed nearly 3,000 jobs in California and New York as part of its recently announced layoffs, cutting a broad range of positions, from data scientists to massage therapists. The biggest cuts were at Google’s GOOGL, -2.54% GOOG, -2.50% multiple offices in Mountain View, Calif., the search giant’s Silicon Valley headquarters. … Read more