![]() ![]() Jimmy Lee of JPMorgan Chase described it as "the next great blue-chip". ![]() The New York Times stated that the offering overcame questions about Facebook's difficulties in attracting advertisers to transform the company into a "must-own stock". corporations-surpassing heavyweights such as Amazon, McDonald's, Disney, and Kraft Foods-and made Zuckerberg's stock worth $19 billion. The stock price left the company with a higher market capitalization than all but a few U.S. The IPO raised $16 billion, making it the third-largest in US history (slightly ahead of AT&T Wireless and behind only General Motors and Visa). ![]() On May 16, one day before the IPO, Facebook announced it would sell 25% more shares than originally planned due to high demand. Underwriters valued the shares at $38 each, valuing the company at $104 billion, the largest valuation to date for a newly public company. After the IPO, Zuckerberg would retain a 22% ownership share in Facebook and would own 57% of the voting shares. The preliminary prospectus stated that the company sought to raise $5 billion, had 845 million monthly active users, and a website accruing 2.7 billion likes and comments daily. Historyįacebook filed for an initial public offering (IPO) on January 1, 2012. According to Meta, the term "metaverse" refers to the integrated environment that links all of the company's products and services. On October 28, 2021, the parent company of Facebook changed its name from Facebook, Inc., to Meta Platforms, Inc., to "reflect its focus on building the metaverse". In 2021, the company generated 97.5% of its revenue from the sale of advertising. It has acquired Reality Labs, Mapillary, CTRL-Labs, Kustomer, and has a 9.99% stake in Jio Platforms. Meta's products and services include Facebook, Instagram, WhatsApp, Messenger, and Quest 2. It is often considered one of the Big Five American information technology companies, alongside Alphabet (parent company of Google), Amazon, Apple, and Microsoft. Meta is one of the world's most valuable companies and among the ten largest publicly traded corporations in the United States. The company owns Facebook, Instagram, and WhatsApp, among other products and services. ![]() Despite all of this, we continued to on-board new advertisers, which drove our active advertiser count to another all-time high.Meta Platforms, Inc., formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California. On the earnings call, Snap chief business officer Jeremi Gorman said the company “continued to work through challenges presented by Apple’s ATT-related changes and we are making solid progress.” She was referring to Apple’s privacy updates in iOS 14.5, which caused an unexpected level of disruption for Snap in the third quarter of 2021.Įchoing comments from Meta’s Q4 report, Gorman said that “macro headwinds related to supply-chain disruptions and labor disruptions materialized, and remain unresolved in the new year. “The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera.” “2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community,” CEO Evan Spiegel said in announcing earnings. However, even with the after-hours jump to $39/share, Snap’s stock is still well off its 52-week high of $83.34. On the strong earnings report, Snap shares were up 59% after market close - capping a whipsaw day for investors, after the stock dropped nearly 24% in regular trading, dragged down by Meta’s historic plunge Thursday. The company projected 328 million-330 million average DAUs for the first quarter (up 9 million-11 million sequentially). On average, analysts projected revenue of $1.2 billion and adjusted earnings of 10 cents per share for Q4, according to Refinitiv.įor Q1 2022, Snap estimates revenue will be between $1.03 billion and $1.08 billion with adjusted EBITDA to be approximately breakeven. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more. ![]()
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