Meta (FB) Reports Q1 Loss Of Nearly $3 Billion – What Went Wrong?

The host of Mad Money, Jim Cramer, has apologized to investors for being wrong about Facebook parent Meta Platforms after its stock plunged to a record low. “I made a mistake here. I was wrong,” he said emotionally after stating previously that Meta was a good investment. “I failed to help people. And I own that.” Jim Cramer’s Apology About Meta: ‘I Was Wrong’ The host of CNBC’s Mad Money show, Jim Cramer, apologized to investors Thursday for recommending Facebook parent Meta Platforms Inc. (Nasdaq: META) after the stock kept tanking....

Meta (formerly Facebook) officially declared its entry into the metaverse space last year with the Reality Labs division. Its announcement had understandably triggered the popularity of metaverse projects and their tokens during this time, as a lot went on to rally to billions of dollars in market cap. However, while Meta had been able to trigger positive growth for other metaverse projects, it has been unable to do so for itself as it reports another quarter of massive losses. Meta’s Reality Labs Records Losses Since Meta’s entry into the space via its Reality Labs division, the tech....

The Facebook parent company announced it will let go of approx. 13% of its current workforce in the first mass layoff in the company’s history. The Facebook parent company Meta announced that about 13% of its current workforce has been cut in the first mass layoff in the company’s history. In a letter to his employees, Meta CEO Mark Zuckerberg announced the layoffs and also reiterated that the hiring freeze, which began earlier this year, will be extended into the first fiscal quarter of next year. According to the statement published through Meta’s newsroom, the layoffs terminated 11,000....

Meta, the social media company, is planning to issue its first set of bonds to finance new investments and operations, according to reports. The company will be selling $10 billion in debt, to maintain a healthy cash flow and fund buybacks, per statements of two people with reported knowledge of the deal. Meta to Issue Bonds to Finance New Investments Meta, one of the first companies that pivoted to the metaverse as part of its main business model, is set to issue debt in order to continue to fund part of its operations and to maintain a healthy free cash flow. According to....

Meta’s Reality Labs division posted a $2.9 billion loss in Wednesday’s Q1 earnings call but Zuckerberg remains optimistic about future profitability from the metaverse. Meta Platforms Inc., formerly known as Facebook Inc., posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses.The Reality Labs division — formerly known as Facebook’s Oculus division — has been spending increasing sums of capital on developing virtual reality and metaverse-related products, posting a $2.9 billion loss for Q1 2022. That's 61% more than its $1.8....