Tech
2023-04-14T18:36:53Z
The Facebook parent company last year said it lost $10 billion in revenue over Apple's privacy changes.
"It seems inevitable that there was going to be some payback in corporate earnings this year," investment chief Lisa Shalett said.
Stock market volatility is "something that you're gonna have to live with for a while," famed value investor Bill Miller said.
No company has ever shed more value in one day on US stock markets than Facebook parent Meta, with shares cratering 26% Thursday.
Investors dumped Meta stock en masse Thursday after the social media giant warned it was losing ground to rivals such as TikTok.
Meta stock is undergoing a valuation re-rating that now makes it cheaper than the S&P 500 index on a forward price-to-earnings ratio.
Meta, formerly Facebook, plunged in early trading after saying rivals such as TikTok were eating into its advertising revenues.
The price of Decentraland, whose ticker is mana, peaked at $4.16 on Saturday. The ethereum-based token can be used to pay for virtual plots of land.
Facebook will push at least $10 billion into its metaverse project this year.
The scathing letter from Democratic senators came just hours after Facebook launched Novi, its new crypto wallet for users in the US and Guatemala.
Coinbase will be supporting Novi by keeping funds secure when users sign up for the pilot, which is now available in the US and Guatemala.
Shares of Facebook are nearing bear-market territory, being down 17% from its record high reached on September 1.
Instagram's negative impact on on the mental well-being of young girls is a risk that Morningstar identifies for the social media company.
Losses in Facebook stock on Monday outpaced declines in its mega-cap tech peers, with shares of Apple, Amazon, and Alphabet down between 1% and 2%.
BofA upgraded its Facebook price target to $425 following the tech giant's second quarter earnings report.
The ensuing rally lifted it into the trillion-dollar club as markets gave it a huge "like" and lifted the rest of the tech space, an analyst said.
The company credited its revenue jump to the average price per ad, which shot up 30% year-on-year, and the number of ad impressions, which rose 12%.
Mark Zuckerberg has sold over $1 billion of Facebook this year amid a 12% jump in share price. The Facebook CEO is worth $113 billion.
"I bought Facebook stock because the company is going to come out with the Novi wallet sometime this quarter I think," Novogratz said.
Deutsche Bank analyst Lloyd Walmsley and his team reiterated their buy rating and increased their price target for Facebook to $385 per share Sunday.