Money

Meta’s quarterly earnings result see stock price fall

Published

2 years ago

October 27, 2022

ticker NEWS

Facebook parent company Meta has revealed its earnings for the third quarter, and they haven’t come in as anticipated.

The company reported a four percent drop in revenue, to $27.7 billion, which is down from a year earlier.

Net income dropped 52 percent, down to $4.4b, whilst spending soared by 19 percent.

The Reality Labs division, which is responsible for the virtual and augmented reality efforts in the Metaverse, lost $3.7b, compared with $2.6b a year earlier.

This is also due to the hardware being constructed, in relation to its Quest 3 headsets, which will launch later next year.

Meta announced in September a staff hiring freeze and potential restructuring.

Shares in the social media giant have dropped by 20 percent in after-hours trading.

Money

ASX positioned for strong start after positive stock rebound

Published

11 hours ago

September 10, 2024

ticker NEWS

The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

Leaders

Elon Musk is projected to become the world’s first trillionaire

Published

1 day ago

September 9, 2024

ticker NEWS

Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

Money

Treasury Secretary believes the U.S. are on track for a “safe landing”

Published

1 day ago

September 9, 2024

ticker NEWS

Treasury Secretary Janet Yellen pointed to a “soft landing” for the economy, with unemployment slightly down despite slower job creation.

In a recent interview on Bloomberg, Yellen stated that “For the US, the kinds of metrics that we would monitor that would summarise risks — whether it’s asset valuations or a good degree of leverage — things look good, I don’t see red lights flashing”. #featured #trending