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”.
WhatsApp Introduces Self Messaging Feature Named “Message Yourself “
WhatsApp to roll out new feature, both Android and iOS users in the coming weeks
Instant Messaging platform “WhatsApp” has introduced a new feature that allows users to message themselves.
The platform noted that the new feature will be rolled out for both Android and iOS users in the coming weeks.
Investors King learnt that WhatsApp’s “Message Yourself” feature could be useful for messages such as to-do-list, reminders, or draft messages to be sent late.
Prior to this development, WhatsApp users have to use a workaround to message themselves on the platform.
The method includes using the URL wa.me/ followed by the ten-digit number to send messages, photos and videos to themselves.
But with the new feature, users can simply start a chat with their number from the contact list. Users will see their contact card as ‘Message Yourself’ at the top of the list.
In October, the feature was reported to be in the beta version ahead of the mass rollout.
According to WhatsApp, users will be able to send photos, audio, and videos along with messages to themselves using the feature
For users to enjoy the new feature, they will have to update their WhatsApp application on their smartphones. They can do so either by going to Google Play Store or the Apple App store.
Users will then tap on the new chat button at the bottom right where they will see a list of all contacts including “message yourself”. They can start to use the feature once they tap on it.
Meanwhile, WhatsApp has recently rolled out a new feature which allows users to run quick polls in groups and personal chat.
However, the feature which was recently announced on the WhatsApp platform a few days back is not yet available for all users. Nonetheless, Investors King understands that it will make interaction on the platform more interesting.
Twitter Employees Quit in Hundreds After Elon Musk Long Hours Demand
Twitter staff down tools ahead of Elon Musk’s Thursday deadline
Hundreds of Twitter employees have decided to quit the social media company following a Thursday deadline from new owner Elon Musk. Elon Musk had earlier disclosed in an email message that employees that are not ready to work long hours should leave.
According to insider sources, hundreds of employees have resigned, walking away from a potential work culture that Elon Musk called “Hardcore”.
Investors King earlier reported that Musk’s work philosophy “Hardcore” requires “working long hours at high intensity”.
In the email he sent to staff, Musk told them to commit to taking more workload and perform exceptionally or walk away with three-month severance.
According to the Verge Magazine, farewell emojis kept pouring into Twitter’s slack account as exiting staff signified their decision to leave the microblogging company.
“I’m not pressing the button,” one departing employee posted in Slack. “My watch ends with Twitter 1.0. I do not wish to be part of Twitter 2.0.” the Verge Magazine quoted one of the employees.
It could be recalled that Elon Musk named the next phase in Twitter “Twitter 2.0” instructing those who want to join the next phase to press “Yes” on a Google form sent to employees.
The message added that those who fail to press “Yes” at the end of the deadline which was 5 PM ET on Thursday are subtly saying they want to leave the social media company.
Prior to this development, Elon Musk had sacked half of the company’s workforce claiming the company wastes about $4 million daily on an excessive workforce.
Thereby, with the scale of the recent resignation, Twitter may face fresh challenges in meeting up to its core mandate amid growing opposition from rival platforms such as Tiktok and soon to be launched “Bluesky”.
The platform which is quickly gaining traction attracted more than 30,000 users in two days to its beta version ahead of the launch.
Elon Musk Demands Long Working Hours From Twitter Staff or Resign
Twitter staff to commit to long working hours or leave, says Musk
The world’s richest man and new Twitter owner, Elon Musk has informed Twitter staff that they must commit to long working hours or leave the company.
According to an email sent to staff, those who intend to stay with the company are expected to commit to “Hardcore” Twitter or bow out.
Referring to more workload and exceptional performance, in the email, Musk said Twitter “will need to be extremely hardcore” in order to succeed.
“This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade,” he added.
Investors King could recall that following the acquisition of the social media platform in a deal worth $44 billion, Musk sacked half of Twitter’s workforce a few days after he sacked the company’s CEO and other top executives.
Last week, the tech billionaire told Twitter staff that remote working would end and “difficult times” lay ahead.
According to a report published by Bloomberg, Elon Musk said workers would be expected to work in the office for at least 40 hours a week.
Meanwhile, by “hardcore ” Elon Musk wants Twitter staff to inculcate his work philosophy as he likes to think or call himself “Hardcore”.
On several occasions, he has claimed to work more than 100 hours a week and sometimes sleeps at the office.
Similarly, reports also have it that Elon Musk has been sleeping in his office at Twitter in recent weeks while managing his other companies, electric vehicle maker Tesla and rocket company SpaceX from Twitter Headquarters.
His work philosophy includes bringing a small team of highly motivated and capable staff together.
Since Elon Musk bought twitter on the 28th of October 2022, he has introduced a number of changes which include the Twitter blue verification and its associated fee.
He raised the verification checkmark to $7.99 from $4.99 and also make it a buying stock unlike how it was exclusively reserved for public figures, brands, politicians, sports persons, and journalists among others.
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