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☆ Meta's big job cuts aren't about the tricky economy or rising inflation. They're about Mark Zuckerberg's mistakes.
▼ + stars: | 2023-03-14 | by ( Asia Martin | ) www.businessinsider.com time to read: +4 min

CEO Mark Zuckerberg said it was economic changes that led to over 21,000 in total being laid off. Investors have long said that Zuckerberg's own decisions and mistakes led to this point. Zuckerberg has bet his company's future on the metaverse, including its expensive bets on virtual reality goggles via its Reality Labs unit. Meta's stock has moved up after every layoff announcement, a sign that investors liked the announcements. Investors had a positive response on Wednesday as Meta's stock rose 6% again off the news of more layoffs.

☆ Mark Zuckerberg's metaverse ambitions are shrinking
▼ + stars: | 2023-03-14 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

In a year, the metaverse went from Meta CEO Mark Zuckerberg's obsession to rarely being mentioned. He mentioned AI four times, positioning the development of that technology as now being Meta's "single largest investment." Executives mentioned it half a dozen times during a call with Wall Street analysts, while the metaverse was not mentioned at all. It's a relief to investors and Wall Street analysts, who last year grew increasingly frustrated with Zuckerberg's once defiant tone on the massive cost of metaverse work. It's set to lose $15 billion this year and is on track to cost the company $20 billion a year going forward.

☆ Here are Monday's biggest analyst calls: Apple ,Tesla, First Republic, Roku, Sunrun, JPMorgan Chase & more
▼ + stars: | 2023-03-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +19 min

Baird upgrades Truist to outperform from neutral Baird said it sees an attractive risk/reward for the regional bank. "Regional bank risk/reward trade-off improving, and we would get more aggressive on the regional bank side, upgrading TFC to Outperform." Bank of America reiterates Alphabet as buy Bank of America said it's bullish on Alphabet's entry into AI. Bank of America reiterates Roku as buy Bank of America said it's standing by the stock in the wake of the Silicon Valley Bank collapse. "Regional bank risk/reward trade-off improving, and we would get more aggressive on the regional bank side, upgrading TFC to Outperform."

☆ Meta's CFO Susan Li says some projects and teams will 'wind down' as part of ongoing efficiency push
▼ + stars: | 2023-03-09 | by ( Kali Hays | ) www.businessinsider.com time to read: +2 min

Susan Li said work to streamline Meta's operations and management structure is "ongoing." Projects and teams that don't fit the bill face being shut down, the CFO said. Apps across Meta and its metaverse division will see some internal projects shuttered and teams dissolved as executives at the company abide by Mark Zuckerberg's new efficiency mantra. Mark Zuckerberg last month declared 2023 Meta's "year of efficiency" and said he wanted to flatten layers of management. "This is going to result in us making some tough decisions to wind down projects in some places and shift resources away from some teams," Li added.

☆ Meta planning thousands of more cuts after widespread layoffs, report says
▼ + stars: | 2023-03-07 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. Meta plans another round of layoffs that could affect thousands of workers, according to a Bloomberg News report published Monday evening. The job cuts could start this week and represent an additional round of layoffs, adding to the 13% of Meta workers who were laid off as part of a major cost-cutting plan announced in November. Zuckerberg has said that he would "take accountability" for the company's previously announced cost-cutting plans, saying that he views layoffs "as a last resort." "We're restructuring teams to increase our efficiency," Zuckerberg said last fall when Meta announced layoffs.

☆ CNBC Daily Open: The Nasdaq popped last week. But tech might be in trouble
▼ + stars: | 2023-03-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

The Nasdaq outpaced other indexes last week. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That makes two straight months that the Nasdaq has outpaced the other indexes. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: The Nasdaq soared last week. But tech might be in trouble
▼ + stars: | 2023-03-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

The Nasdaq Composite outpaced other indexes last week. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That makes two straight months that the Nasdaq has outpaced the other indexes. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Meta is slashing up to $500 off the price of its VR headsets after 'underwhelming' sales and mixed reviews
▼ + stars: | 2023-03-04 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Meta is cutting the price of its VR headsets, which are a big part of its metaverse ambitions. The high-end Meta Quest Pro will be reduced from $1,500 to $1,000. The headset has had mixed reviews and suffered "underwhelming sales," The Verge reported. The price of the 256GB Meta Quest 2 will drop from $500 to $430, while the higher-end Meta Quest Pro will get a $500 haircut to $1,000. They've been matched by "underwhelming sales," Alex Heath of The Verge reported in his Command Line newsletter on Friday.

☆ Meta lowers Quest VR headsets prices to lure customers
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

March 3 (Reuters) - Meta Platforms Inc (META.O) cut the prices of its virtual reality headsets in hopes of stirring demand for its VR hardware, as its bold bets on the metaverse have struggled to make a big splash. Its flagship Meta Quest Pro will retail for $999, down from its launch price of $1,499, and Quest 2 256 GB version for $429 from $499, Chief Executive Mark Zuckerberg said in a broadcast on its social media platform Instagram on Friday. Late last year, the company launched Quest Pro, positioning it as its most-advanced VR headset with capabilities to push the use-cases further. While VR headsets have added more advanced capabilities of late, their adoption outside of the gaming community has been slow. Last month, Tencent, the world's largest video game publisher, shelved plans to venture into VR hardware, while it has been in talks to distribute Meta Quest line of products in China.

☆ Meta's expensive flop: An executive reportedly told employees the company won't make a follow-up to its $1,500 'Pro' VR gadget
▼ + stars: | 2023-03-03 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +4 min

Meta's chief technology officer reportedly told employees it's not making a second Quest Pro headset. The $1,499 Quest Pro headset has received poor reviews and sales, and was costly for Meta to make. The company's Reality Labs division saw a $13.7 billion loss in 2022, according to its fourth-quarter financial results. However, Meta's Quest 2, which is more affordable than the Quest Pro, has done "quite well," according to CEO Mark Zuckerberg. The Quest Pro is getting a $500 chop, while the 256 GB Quest 2, which is originally $499.99, is being cut to $429.99.

☆ Meta VP tells staff to make the metaverse 'so obviously successful' that his dad stops calling every week to ask about it
▼ + stars: | 2023-03-03 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

A Meta VP told staff to "buckle down" and "build great products" for the metaverse, per The Verge. Only one in 10 users reportedly come back to its Horizon metaverse platform after a month. The VP reportedly said he wants the metaverse and VR to be "so obviously successful that my dad stops calling me every week to ask" about it. "And please, let's make the metaverse and VR so obviously successful that my dad stops calling me every week to ask me about it," he reportedly added. But only time will tell if Meta's products will keep users active in the metaverse.

☆ Meta announces big price cuts for its VR headsets
▼ + stars: | 2023-03-03 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Meta will slash the prices of its Quest 2 and high-end Quest Pro headsets, the company announced Friday. The price of the Meta Quest 2 will drop from $499.99 to $429.99, while the price of the higher-end Meta Quest Pro will be slashed to $999.99 from $1,499.99. Meta lost $13.7 billion on its Reality Labs segment in 2022. The Meta Quest Pro 2 was announced in November, but its high price put it out of reach for most consumers. The price changes will begin rolling out on March 5 for the Meta Quest 2.

☆ Meta is cutting prices for its VR headsets
▼ + stars: | 2023-03-03 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

CNN —Meta is cutting prices for two of its virtual reality headsets as it continues trying to boost adoption for the nascent technology on which it has bet its future. The company announced Friday that it is slashing the price of its higher-end Meta Quest Pro headset by some $500, bringing its cost to $999, roughly six months after it was released. The Quest Pro price drop will take effect the same day in the United States and Canada and on March 15 in all other countries where it is sold. Facebook rebranded as Meta in late 2021 as it outlined a bold vision to build a future, immersive version of the internet called the “metaverse,” powered by VR technology. Meta lost $13.7 billion last year in its “Reality Labs” unit, which houses its VR and metaverse efforts.

☆ After losing billions of dollars on the metaverse, Mark Zuckerberg's launching a 'top-level' team at Meta to develop AI products for WhatsApp, Messenger, and Instagram
▼ + stars: | 2023-02-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Meta's foraying into generative AI amid a rush into the technology following ChatGPT's popularity. Mark Zuckerberg said Meta will be creating a new "top-level product group" focused on generative AI. But Meta lost nearly $14 billion in 2022 amid its relentless pursuit of the metaverse. Meta's foray into generative AI follows a big rush into the technology after chatbot ChatGPT went viral. His relentless pursuit into the metaverse cost Meta $13.7 billion in 2022.

☆ Investor says tech has yet to bottom — and reveals the mega-cap stocks to avoid
▼ + stars: | 2023-02-27 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Tech stocks have been on the up this year; the Nasdaq Composite is the best-performing Wall Street index, up around 11% since the start of 2023. But tech investor Mark Hawtin believes the sector's resurgence is nothing more than just another bear market rally. "At the end of the day, Google and Facebook are advertising businesses, they use technology to run their platforms, but they are dependent on advertising," Hawtin said. About 88% of analysts covering Alphabet rate it a "buy," and give it average upside of 36.3%. Meta is also well-liked by analysts, with 67% of its analysts giving it a buy rating, and potential upside of 19.3%.

☆ Meta's metaverse division leaders are reportedly gathering for a summit that includes a meeting called 'Must Go Faster'
▼ + stars: | 2023-02-24 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Meta's metaverse division is scheduled to gather for a multi-day summit next week, Command Line reported. The division, also known as Reality Labs, is reportedly also canceling projects, Command Line said. Reality Labs lost $13.7 billion in 2022 and posted a fourth-quarter loss of more than $4 billion. The summit will focus on "road map and vision-setting presentations" with one meeting reportedly titled "Must Go Faster," Command Line said. "Cardiff," the codename for an upcoming version of the Quest headset, and "Hermosa," the moniker for another early-stage hardware prototype, according to Command Line.

☆ Top Wall Street analysts are bullish on these 5 stocks
▼ + stars: | 2023-02-19 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Here are five stocks chosen by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performances. Santarelli also noted that the stock's valuation is reasonable, as the company is still in the early stages of the Macao recovery cycle. (See Wynn Blogger Opinions & Sentiment on TipRanks) Santarelli's recommendation is worthy of consideration as he ranks 26th among more than 8,000 analysts tracked by TipRanks. (See CMG Insider Trading Activity on TipRanks)Meta PlatformsSocial media behemoth Meta Platforms (META) is next on our list. Moskowitz holds the 236th position among more than 8,000 analysts on TipRanks.

☆ Ex-Meta exec had 'real issues' with the company's decisions and spending: 'I thought large fractions were really poorly spent'
▼ + stars: | 2023-02-06 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Former Meta VR exec John Carmack said he had "real issues" with the company's plans and spending. "I was having some real issues at Meta with large-scale strategic directions," Carmack said in an interview with the business publication, Dallas Innovates. "I'm sure you've seen some of the headlines about how much money they're spending, and I thought large fractions were really poorly spent." He had previously been Oculus' CTO. Zuckerberg has taken several strides in recent months to cut back on company spending — including embracing his role as "Chopper-in-Chief," Insider's Kali Hays reported.

☆ Analysts laud Meta Platforms' focus on efficiency, say the stock is transitioning from 'doghouse to pedestal'
▼ + stars: | 2023-02-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Meta Platforms is turning its focus toward efficiency, and analysts seem to like the narrative shift from the battered technology giant. "Our management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization." META YTD mountain Meta Platforms shares have already surged 27% this year Analysts also seemed to praise the company's move to lower its outlook for capital expenditures and operating expenses. The word "efficiency" came up over 25 times on the company's earnings call, according to Morgan Stanley's Brian Nowak. The analyst has an outperform rating on Meta and hiked his price target to $275, which implies upside of nearly 80%.

☆ Mark Zuckerberg is finally embracing his new role as Meta's Chopper-in-Chief. Here are the plans he just laid out to further cut costs in 2023.
▼ + stars: | 2023-02-02 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

The company is canceling multiple data center projects. Canceling multiple data center projectsMeta has also been canceling multiple data center projects, and incurred $1.3 billion in charges related to that. Li said the same operational "scrutiny" being applied to other areas of the company is going toward data centers as well. The company did not disclose which current data centers are being closed or affected by the design changes. "And we are going to optimize our overall approach to building data centers."

☆ Meta CEO Mark Zuckerberg makes a U-turn on metaverse spending as Reality Labs is hit with a new 'efficiency' mantra
▼ + stars: | 2023-02-02 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Metaverse spending will continue, although "we're constantly shifting how we execute," he said. The Reality Labs division, tasked with building the metaverse, lost $13.7 billion this year, according to Wednesday's disclosure. Still, Reality Labs would be subject to the same push for efficiency as other parts of the company, Zuckerberg said. David Wehner, the then-CFO who is now chief strategy officer, said spending on the Reality Labs division would increase "significantly" in 2023. Such boasting of the metaverse and the Reality Labs division was nowhere to be found during Wednesday's discussion of the year ahead.

☆ Bank of America upgrades Meta Platforms, says new efficiency mentality positions stock for more than 40% upside
▼ + stars: | 2023-02-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Bank of America is getting more bullish on shares of Meta Platforms , viewing the social media giant's newfound focus on efficiency as a potentially big catalyst going forward. "With the new efficiency mentality, the stock is now positioned for leverage/EPS upside as the ad environment improves," he wrote. META YTD mountain Meta Platforms shares have soared 27% this year. Meta Platforms' investment in artificial intelligence and machine learning, which contributed to 20% more conversion for advertisers during the quarter, is another bright spot. "With the new efficiency mentality, we believe Meta is positioned strong EPS growth when advertising environment improves."

☆ Mark Zuckerberg just ushered in a new era of tech, where profitability and efficiency trump perks and culture
▼ + stars: | 2023-02-02 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +6 min

Mark Zuckerberg says this will be the "year of efficiency" at Meta, signaling more cuts ahead. His comments reflect a new reality for tech: The era of deep pockets and endless perks is over. Enter Mark Zuckerberg, CEO of Facebook's parent company Meta, who officially rang in the new era on Wednesday when he declared that 2023 would be the "year of efficiency" at the social network. Instead of throwing money and manpower at problems, Zuckerberg shows that Meta is now learning to live within its means. For those who remain, perks will be stripped back as a new culture of efficiency upends the tech office culture to which they've grown accustomed over the last two decades or so.

☆ Meta shares rocket 25%, on pace for the best day in a decade
▼ + stars: | 2023-02-02 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Meta shares jumped 25% Thursday morning, on pace for the best day in nearly a decade, with a slew of analyst upgrades coming off the back of a fourth-quarter revenue beat and optimistic prognostications from CEO Mark Zuckerberg. Meta shares sit at their highest point since September 2022, weeks before a disastrous third-quarter earnings report that prompted analysts across Wall Street to openly question Zuckerberg's leadership. posited Evercore ISI analyst Mark Mahaney. He cited "materially reduced expense projections" and a larger-than-anticipated share buyback, upping his price target to $275 and reiterating an outperform rating. At Guggenheim, Michael Morris revised his price target to $210, maintaining a buy rating, citing in part lowered costs and a belief in management messaging on "momentum."

☆ Meta's short video Reels may finally be ready to challenge TikTok, analysts say
▼ + stars: | 2023-02-02 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Improving Reels engagement is boosting analysts' confidence in the short-form video platform's ability to compete with TikTok. META 1D mountain Meta Platforms shares surged more than 28% Thursday, on pace for their best day since 2013. Looking ahead, some analysts believe that Reels plays a dominant role in improving Facebook's efficiency. Easing TikTok tensions As for TikTok, some analysts say Reels is in position to overtake the short-form video leader that finds itself under increasing pressure as calls for a nationwide bans grow. JPMorgan analyst Doug Anmuth views improving Reels engagement trends and artificial intelligence investments as a way to temper threats from TikTok.

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