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Feb 1 (Reuters) - Meta Platforms Inc's (META.O) stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the "Year of Efficiency." The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion to a range of $89 billion-95 billion, and projected first-quarter sales that could beat Wall Street estimates. Shares of peer Alphabet Inc (GOOGL.O) were up 3.3% and Snap Inc (SNAP.N) stock rose 1% in after-hours trade on Wednesday. "Despite all the challenges Meta must deal with, there are signs the business is still doing well," Cohen said. The company forecast first-quarter revenue between $26 billion and $28.5 billion, compared with analysts' average estimates of $27.14 billion, according to Refinitiv.

Feb 1 (Reuters) - Meta Platforms Inc's (META.O) stricter cost controls this year and a new $40 billion share buyback sent shares soaring on Wednesday, as CEO Mark Zuckerberg called 2023 the "Year of Efficiency." The parent of Instagram and Facebook cut its cost outlook for 2023 by $5 billion and projected first-quarter sales that could beat Wall Street estimates. The company forecast first-quarter revenue between $26 billion and $28.5 billion, compared with analysts' average estimates of $27.14 billion, according to IBES data from Refinitiv. Meta stock was up 18.3% in after-hours trade. The company reported adjusted earnings of $1.76 per share, missing the average analysts' estimate of $2.22 per share.

Investors will also parse Chair Jerome Powell news conference for clues on the trajectory of future rate hikes. Meanwhile, the ADP National Employment report showed that private payrolls increased by 106,000 in January, lower than expectations of 178,000 additions. Snap Inc (SNAP.N) tumbled 12.5% after the social media company said it expects current-quarter revenue to decline by as much as 10%. ET, Dow e-minis were down 138 points, or 0.4%, S&P 500 e-minis were down 9.75 points, or 0.24%, and Nasdaq 100 e-minis were down 8.25 points, or 0.07%. Dow Jones Industrial Average component (.DJI) Amgen Inc (AMGN.O) dipped 0.6% as the drugmaker said its fourth-quarter revenue fell slightly.

☆ Snap shares tumble 13% following disappointing fourth quarter report
▼ + stars: | 2023-02-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of Snap tumbled 15% in premarket trading Wednesday, a day after the company released a disappointing quarterly report for the third quarter in a row. In a letter to investors, Snap called it a "challenging year" that was marked by "macroeconomic headwinds, platform policy changes, and increased competition. Revenue in the company's fourth quarter was up slightly from a year earlier. UBS analyst Lloyd Walmsley downgraded Snap from buy to neutral, citing increased competition from other social media companies like Meta , TikTok and YouTube . Jeffries analysts said Snap's fourth quarter was disappointing, and they lowered their fiscal year 2023 estimate by 2%.

☆ Snap was once the hottest app. Now it's getting crushed.
▼ + stars: | 2023-02-01 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Snap's ads business is cratering, partly because of privacy changes by Apple. Apple has made it easier for users to opt out of ad-tracking, hurting revenue for firms like Snap. It isn't just the deteriorating economy, but the lasting effects of Apple's privacy changes in 2021. In the months running up to Apple's ad changes, Snap's stock hit a high of $83. Meta, of course, has been hurt significantly by Apple's changes (Mark Zuckerberg said the changes could cost his company around $10 billion in 2022).

☆ UBS downgrades Snap after earnings, says rising competition will keep pressure on stock
▼ + stars: | 2023-02-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Snap may have trouble keeping up with ever-rising competition going forward, according to UBS. He also reiterated a price target of $10, which implies downside of 13.5% from Tuesday's close, and trimmed his 2023 revenue outlook on Snap. "We see increasing competition everywhere," analyst Lloyd Walmsley wrote in a client note on Wednesday. Given the magnitude of competition and Snap's relatively subscale nature, we see risk to revenue acceleration. Other analysts also grew more cautious on the stock after Snap's latest quarterly report.

☆ Snap plunges 11% on ugly earnings and analyst warnings that 'issues are intensifying' at the social media company
▼ + stars: | 2023-02-01 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

The social media company also warned first-quarter revenue could drop up to 10% compared to the year prior. In a note to clients, a Jefferies analyst warns that Snap's problems are only "intensifying." A lot companies had to slash digital advertising budgets amid a slowing economy last year, resulting in big hits for social media platforms like Snap. Jefferies slashed Snap's 2023 revenue estimates by 2% and assumed 0% growth, per a note to clients on Wednesday. Despite recent cost savings initiatives at the company, he predicted intensifying margin pressures for Snap.

☆ Meta's Q4 beat and commitment to cost cuts is exactly what we've been waiting for
▼ + stars: | 2023-02-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Meta Platforms (META) reported a fourth-quarter earnings beat Wednesday, while CEO Mark Zuckerberg labeled 2023 the "year of efficiency" in an effort reassure nervous investors like us that the technology giant is serious about controlling costs following a period of severe overspending. Bottom line Meta Platforms delivered what it needed to Wednesday evening, prioritizing efficiency in a sluggish revenue environment. But the real kicker was that management lowered Meta's expenses outlook — by $5 billion. The company said this evening its click-to-message ads is now at a $10 billion revenue run rate, a significant development. Mark Zuckerberg, chief executive officer of Meta Platforms Inc., speaks during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022.

Snap said its direct response business geared towards driving product sales or website visits rose 4% in October-December. That could "be viewed as a healthy sign for Meta and Google," whose businesses are tuned to direct response advertisers, said Mark Shmulik, senior analyst at research firm Bernstein. Similarly, Meta has said in previous quarters that the bulk of its revenue comes from direct response advertising. Headwinds for Meta and Google could be notably less severe, he added. The weak outlook pulled down the shares of rivals Meta, Google, and Pinterest (PINS.N), which also earns revenue by selling digital advertising, on Tuesday.

☆ Snap's weak guidance is symbolic of overall economic caution and headwinds, says Margins' Ranjan Roy
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnap's weak guidance is symbolic of overall economic caution and headwinds, says Margins' Ranjan RoyRanjan Roy, Margins editor, joins 'Squawk Box' to discuss why brands aren't advertising right now, if Snap's advertising business model has ever been good and if Snap has the scale that investors want.

☆ Snap swings to quarterly net loss, expects lower Q1 rev; shares fall
▼ + stars: | 2023-01-31 | by ( Sheila Dang | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Snap Inc (SNAP.N) on Tuesday said current quarter revenue could decline by as much as 10%, sending its shares down 14% as the company struggles with weak advertising demand. Revenue for the fourth quarter ended Dec. 31 was $1.3 billion, flat from the prior-year and in line with analyst expectations. Snap's net loss was $288 million during the quarter, versus net income of $23 million the previous year. Daily active users on Snapchat rose 17% year-over-year to 375 million, beating analyst expectations of 374 million, according to IBES data from Refinitiv. Snap forecast daily active users in the first quarter between 382 million and 384 million.

☆ Snapchat has a plan to start charging users to restore broken Snapstreaks
▼ + stars: | 2023-01-31 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Some users have hundreds, or even thousands, of consecutive days of Snaps with friends on the app. The company is planning to have Snapchat users pay a fee to restore a broken Snapstreak, according to two people familiar with the situation. Many users have Streaks going for more than 100 days and some have streaks for thousands of days. Users frequently go to the Snapchat Support website to try to get their Streaks restored, both of the people said. Snap often does restore a streak at no cost, but it's a process that can take several days, further upsetting users.

☆ Snap shares plunge on weak sales outlook despite earnings beat
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSnap shares plunge on weak sales outlook despite earnings beatCNBC's Julia Boorstin joins 'Closing Bell: Overtime' to report on Snap's earnings report. Virtus' Joe Terranova reacts to the drop in shares.

☆ Snap shares plunge on weak revenue as digital ad struggles continue
▼ + stars: | 2023-01-31 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

It's the third disappointing earnings report in a row for Snap investors. The day after the company's Q3 earnings report in October, shares fell 28% on disappointing revenue. Snap shares slid more than 14% in extended trading on Tuesday after the social media company reported fourth-quarter revenue that trailed analysts' estimates. In a letter to investors, Snap called it a "challenging year" that was marked by "macroeconomic headwinds, platform policy changes, and increased competition. It's an ominous start to fourth-quarter earnings season for ad-supported internet companies.

☆ Everyone's watching Meta's earnings report for a hint at how online ads are doing
▼ + stars: | 2023-01-30 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +7 min

Andrew Caballero-Reynolds | AFP | Getty ImagesWall Street's worst year since 2008 wreaked havoc on tech companies, particularly those reliant on digital advertising. Also on Thursday, investors will hear from Amazon and Apple , which both have growing digital ad businesses that have been taking market share of late from Google and Facebook. But revenue growth isn't expected to pick back up until the second half of the year. Revenue is expected to fall another 2.8% in the first quarter, before sub-1% growth returns in the second period. He has a hold rating on Meta, Snap, Amazon and Netflix, but recommends buying Alphabet and Apple, according to FactSet.

☆ Snapchat's role in fentanyl crisis probed during House roundtable: 'It's a Snap-specific problem'
▼ + stars: | 2023-01-25 | by ( Lauren Feiner | ) www.cnbc.com time to read: +6 min

The roundtable featured the mother of a child who died after taking a drug containing fentanyl allegedly purchased over Snapchat, apparently believing it was a prescription painkiller. "Big Tech has many problems," said Carrie Goldberg, a lawyer who works on cases seeking to hold tech platforms accountable for often offline harms. Bloomberg reported Wednesday that the Federal Bureau of Investigation and Department of Justice are also investigating Snap's role in fentanyl sales. That's because it does not incentivize safety features, she said, and also prevents tech platforms from reaching the discovery stage in many cases, which could otherwise reveal internal information. But legislation weakening encryption for law enforcement investigations would also likely be at odds with the committee's other goal of increasing digital privacy protections.

☆ Pay in tech is dropping fast as firms like Microsoft, Snap and more use layoffs and a looming recession to wrest power from workers
▼ + stars: | 2023-01-20 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Pay is getting lower, stock grants smaller and offers, if they come at all, are take it or leave it. In November, Snap employees heard some frank talk from CEO Evan Spiegel on his plans for compensation after enacting a mass layoff a couple of months before. "In general, we've noticed a decrease in pay across the entire tech industry," said Zuhayeer Musa, founder of Levels.fyi, a platform that collects data on tech compensation. Aalap Shah, a managing director at Pearl Meyer who advises tech companies, said he's been expecting such a retreat on pay. An estimated 200,000 tech employees have been laid off since last year, according to Layoffs.fyi, which compiles data on hiring in tech and is not part of Levels.fyi.

☆ Here are 2022's product cuts amidst the tech downturn
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere are 2022's product cuts amidst the tech downturnThe Wall Street Journal's Joanna Stern joins 'TechCheck' to discuss the consumer hardware cuts companies are making, if Snap's cut of Pixy is a cyclical call and more.

☆ Jefferies downgrades Snap, says revenue estimates are 'too optimistic' as uncertainties loom
▼ + stars: | 2022-12-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Analyst James Heaney downgraded the technology stock to hold from buy, saying in a note to clients Thursday that a difficult macro picture should pressure Snap's revenue growth over the next year. "We believe that SNAP will continue to face several headwinds, including the iOS14.5 privacy changes, a worsening macro picture, and intense competition," he said. "While many of these factors are well understood, [consensus revenue estimates] still appear too optimistic, particularly given the lack of company specific catalysts." That drop could protect Snap shares to the downside if not for its "lack of profitability and clear product catalysts," Heaney said. "We believe SNAP's multiple should remain discounted relative to peers given our muted expectations for revenue growth over the next few years," Heaney wrote.

☆ Options Action: Is TikTok's loss Snap's gain?
▼ + stars: | 2022-12-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Is TikTok's loss Snap's gain? Optimize Advisors' Mike Khouw on what bipartisan calls for a TikTok ban mean in the social media space. With CNBC's Melissa Lee and the Fast Money traders, Steve Grasso, Dan Nathan, Guy Adami and Bonawyn Eison.

☆ National security concerns reportedly delay TikTok-U.S. deal
▼ + stars: | 2022-12-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

The government has yet to come back with TikTok with new requests on how to address the concerns, the Journal reported based on unnamed sources. TikTok confirmed it has not received an update from the government about any unresolved concerns. The two sides had reached broad agreements about storing U.S. user data on Oracle servers in the U.S., the Journal reported, moving it from TikTok data centers in Virginia and Singapore. U.S. officials and lawmakers have been vocal about their security concerns with TikTok. Cowen analysts wrote Wednesday that Meta's Reels, short-form videos similar to those on TikTok, "would be the biggest beneficiary" of a TikTok ban, followed by YouTube's Shorts.

☆ Snap employees must work in the office at least four days a week next year, ending its 'remote first' policy
▼ + stars: | 2022-11-28 | by ( Kali Hays | ) www.businessinsider.com time to read: +2 min

Many tech companies allow remote work, with some reverting to part time in-office work. Starting next year, in-office work will be required at Snap, employees were told. Snap employees will be spending most of their working hours in an office by next year. Starting in February, Snap employees will be required to work in an office at least four days per week, a person familiar with the plans said. Facebook is continuing to allow employees to work remotely and plans to close some offices as part of new cost-cutting efforts.

☆ Ad prices are now cheaper than they've been all year. Here's how much marketers are paying for ads on Google, Meta, Amazon, and TikTok.
▼ + stars: | 2022-11-07 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +7 min

Ad prices on Meta, Amazon, and Google skyrocketed during the pandemic but are now declining. Digital ad prices are declining due to a number of factors:Advertisers are pulling back on spend on Meta and Google. Ad prices are typically low during the third quarter as marketers prepare to spend during the fourth quarter. Ad buyers usually anticipate a 15% to 20% increase in ad prices during the fourth quarter, said Vic Drabicky, founder and CEO of ad agency January Digital. As TikTok continues to build out its technology and relationships with advertisers, ad prices continue to rise.

☆ As advertisers cut spend, ads on Google, Meta, and Amazon are cheaper than they've been all year — but marketers don't expect it to last
▼ + stars: | 2022-11-02 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +7 min

Ad prices on Meta, Amazon, and Google skyrocketed during the pandemic but are now declining. Digital ad prices are declining due to a number of factors:Advertisers are pulling back on spend on Meta and Google. Ad prices are typically low during the third quarter as marketers prepare to spend during the fourth quarter. For ads designed to get people to take more immediate action, like Amazon's and Google's shopping and search ads, we looked at cost per click (CPC). As TikTok continues to build out its technology and relationships with advertisers, ad prices continue to rise.

☆ 14 Snap staffers driving its creator economy efforts, according to industry insiders
▼ + stars: | 2022-10-27 | by ( Jp Mangalindan | Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Insider identified 14 employees at Snap that creators and influencer-industry insiders should know. Snap employees frequently offer her guidance and access to resources. For this list, Insider asked Snap, creators, and creator studios who the most helpful people to know at Snap are. The insiders identified employees who make significant contributions to the Snap creator ecosystem or regularly work with Snap creators and their teams. Here are 14 power players at Snap who work with creators and leaders in the influencer industry, listed alphabetically:

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