Shares of Meta, the owner of Facebook, Instagram, WhatsApp, and more, plunged by 22.01% on Thursday after the third quarter (Q3) earnings report showed net income declined by 52% from $9.194 billion recorded in Q3 2021 to $4.395 billion.
Revenue for the period dropped 4% to $27.714 billion, down from $29.010 billion filed in Q3 of 2021. Costs and expenses grew by 19% to $22.050 billion.
Similarly, income from operations plunged to $5.664 billion, a 46% decline when compared to $10.423 billion achieved in the corresponding period of 2021.
The company’s share dipped by 22.01%, or $28.57 to $101.25 a unit despite family Daily Active People (DAP) growing by 4% year-on-year to 2.93 billion. Also, the metric for family Monthly Active People (MAP) stood at 3.71 billion, a 4% increase from a year ago.
Facebook Daily Active Users (DAUs) continued to expand in the quarter under review, growing by 3% year-on-year to 1.98 billion on average while Monthly Active Users (MAUs) inched higher by 2% year-on-year to 2.96 billion.
The earnings report obtained by Investors King showed ad impressions on the world’s largest social media company increased by 17% year-on-year. Suggesting that traffic is not the issue but spending by advertisers.
This was validated by the average price charged per ad which rose by 18% year-on-year.
As explained by Mark Zuckerberg, Meta founder and chief executive, during the earnings call, Facebook fundamentals remained solid but its revenue will continue to struggle in the near term given global uncertainty and the dropped in spending by top advertisers.
However, shareholders continue to doubt Zuckerberg’s over $10 billion investment in the metaverse would worth it in the long run, especially with how unproven that niche is presently.
“I appreciate the patience and I think that those who are patient and invest with us will end up being rewarded,” he said, arguing that the company was doing “leading work” on the metaverse that would be “of historical importance”.
Elon Musk Envisions X as the Future of Your Financial Life
Tech visionary Elon Musk unveiled his vision for X, aiming to transform it into the epicenter of people’s financial worlds by the end of 2024.
Musk’s plan transcends mere payment solutions, targeting nothing short of the complete financial ecosystem, including money and securities. “You won’t need a bank account,” he affirmed.
X, led by CEO Linda Yaccarino, sees this as an ambitious opportunity that could reshape the financial landscape as we know it.
Musk expressed his unwavering commitment to the cause, stating, “It would blow my mind if we don’t have that rolled out by the end of next year.”
This ambition traces back to Musk’s dot-com-era online bank, X.com, which later evolved into PayPal. Musk aims to take a page from his earlier playbook, hoping to outshine PayPal with a more comprehensive approach.
The platform’s offerings are set to include high-yield money market accounts, debit cards, checks, and loan services. Musk’s endgame? An ecosystem that empowers users to send money worldwide instantly and in real-time.
However, this transformation is not without its challenges. Elon Musk must convince users of the necessity of such an all-encompassing platform while gaining their trust with their financial lives.
The vision of X as an “everything app” resonates with the rise of super apps like WeChat in China, which provide users with access to a myriad of services, from shopping to transportation.
As X positions itself to revolutionize the financial industry, Musk’s audacious endeavor promises to change the way we handle money, potentially eliminating the need for traditional banking as we know it.
The world watches with bated breath to see if Musk’s bold vision will become a reality.
WhatsApp Introduces Dual Account Feature, Enabling Users to Sign Into Two Accounts
WhatsApp has introduced a groundbreaking innovation that promises to redefine the user experience.
This new feature allows individuals to simultaneously manage two WhatsApp accounts on a single device, eliminating the need for dual phones.
The eagerly anticipated announcement was made by Mark Zuckerberg, Facebook’s CEO, who assured Android users that this feature will soon grace their screens.
Gone are the days of juggling multiple WhatsApp accounts, a task that often required carrying two separate devices. While tech giants like Xiaomi and Oppo had previously introduced app cloning features for multiple WhatsApp instances, WhatsApp’s integrated approach sets a new standard for seamlessness.
This innovation is poised to be a game-changer for users who navigate both personal and professional realms on this ubiquitous messaging platform.
Cumbersome login-and-logout routines and the perpetual concern of messaging from the wrong account will soon be a thing of the past, replaced by a newfound ease of multitasking.
Activating this feature is a straightforward process. Users need only navigate to the ‘Settings’ menu and select ‘Add Account.’ During setup, a second phone with a SIM card or a device supporting eSIM technology is required to unlock the full potential of multi-SIM functionality.
WhatsApp ensures that each account can have its own customized notification and privacy settings, preserving data integrity and personalization.
In addition to the dual account feature, WhatsApp recently introduced passkey support for Android, enhancing security by providing an alternative to SMS-based two-factor authentication.
This latest advancement underscores WhatsApp’s dedication to user convenience, connectivity, and digital identity security, setting the stage for a more organized and efficient way of communication.
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