Despite poor 2022 results, Meta’s share price soars

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Meta presented this Wednesday evening disappointing annual results for 2022. Reassured while expecting worse, the stock market welcomed the news, making the tech giant’s share price jump. On its side, the luxury group L’Oréal shows its faith in Meta and its Metavers, via its startup gas pedal developed in partnership.

 

Meta Platforms (Facebook, Instagram, Whatsapp) reported less satisfactory annual 2022 results on Wednesday than in previous years. Its annual revenue fell by 1% to $116.61 billion, a first since the social networking giant went public in 2012. In the fourth quarter, its net profit was $4.65 billion (compared to $10.3 billion in 2021), for a turnover of $32.16 billion (compared to $33.67 billion in 2021). However, the latter still exceeds the estimates.

 

With the exception of Apple, the giants of the Silicon Valley had to implement a massive redundancy plan in the fall, while the number of their employees had exploded during the pandemic. Meta cut 11,000 jobs, or about 13% of its workforce. Hiring has been frozen until the end of March 2023 and the layoffs may not be over. Mark Zuckerberg, who is also Meta’s largest shareholder, wants 2023 to be “the year of efficiency” and said on the conference call with analysts that he was looking to “remove some of the layers, some of the middle management positions to speed up decision making”.

 

Reality Labs, the branch in charge of the development of the metaverse, thus posts losses of 4.3 billion dollars during the last quarter. It had already lost $3.7 billion in the third quarter, and $2.6 billion in the second.

 

Meta’s share price soars

 

Released after the close of trading Wednesday night, Meta’s results, while mediocre, still reassured shareholders. Meta’s stock jumped 19% in the hours that followed. In 2022, Meta’s share price had fallen by more than 60%, but it had begun to recover since November. Since the beginning of the year, the stock has gained nearly 23%. The market was expecting a more brutal fall for the Silicon Valley group, which has been struggling to achieve good results for a year.

 

Another positive point of these annual results is that Meta has nearly 3 billion daily active users over the quarter on all its applications, an increase of 5%, with Facebook alone representing 2 billion active users.

 

L’Oréal and Meta, partners

 

Although Meta has unflattering numbers, luxury group L’Oreal is not letting go of its goal and deepening its relationship with the tech company. In October 2022, Meta launched a startup acceleration program in the metaverse, dedicated to creativity, in partnership with l’Oréal and the HEC incubator. The goal? To support French entrepreneurship in a virtual universe. The program is hosted at Station F, in the 13th arrondissement of Paris, where the social network has been housed since 2017. The first promotion, composed of five startups, was unveiled today. Kinetix, Yumon, Wilkins Avenue AR, ACID and V-Ar are the big winners.

 

 

The program provides coaching and support for six months. “The L’Oréal group also provides a form of mentoring, while facilitating collaborations with its brands”, says Capucine Tuffier, Public Affairs Manager at Meta France. This gas pedal is in addition to the luxury group’s experiments in the world of metavers in the service of beauty tech. Through its internal venture capital fund Bold (Business Opportunities for L’Oréal Development), the brand had already taken a minority stake in the startup Digital Village in January, positioned on the NFT and metaverse markets.

 

Will this Meta-l’Oréal alliance last?

 

Read also >Rimowa x RTFKT : German craftsmanship meets the metaverse

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Meta presented this Wednesday evening disappointing annual results for 2022. Reassured while expecting worse, the stock market welcomed the news, making the tech giant’s share price jump. On its side, the luxury group L’Oréal shows its faith in Meta and its Metavers, via its startup gas pedal developed in partnership.

 

Meta Platforms (Facebook, Instagram, Whatsapp) reported less satisfactory annual 2022 results on Wednesday than in previous years. Its annual revenue fell by 1% to $116.61 billion, a first since the social networking giant went public in 2012. In the fourth quarter, its net profit was $4.65 billion (compared to $10.3 billion in 2021), for a turnover of $32.16 billion (compared to $33.67 billion in 2021). However, the latter still exceeds the estimates.

 

With the exception of Apple, the giants of the Silicon Valley had to implement a massive redundancy plan in the fall, while the number of their employees had exploded during the pandemic. Meta cut 11,000 jobs, or about 13% of its workforce. Hiring has been frozen until the end of March 2023 and the layoffs may not be over. Mark Zuckerberg, who is also Meta’s largest shareholder, wants 2023 to be “the year of efficiency” and said on the conference call with analysts that he was looking to “remove some of the layers, some of the middle management positions to speed up decision making”.

 

Reality Labs, the branch in charge of the development of the metaverse, thus posts losses of 4.3 billion dollars during the last quarter. It had already lost $3.7 billion in the third quarter, and $2.6 billion in the second.

Meta’s share price soars

 

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Meta presented this Wednesday evening disappointing annual results for 2022. Reassured while expecting worse, the stock market welcomed the news, making the tech giant’s share price jump. On its side, the luxury group L’Oréal shows its faith in Meta and its Metavers, via its startup gas pedal developed in partnership.

 

Meta Platforms (Facebook, Instagram, Whatsapp) reported less satisfactory annual 2022 results on Wednesday than in previous years. Its annual revenue fell by 1% to $116.61 billion, a first since the social networking giant went public in 2012. In the fourth quarter, its net profit was $4.65 billion (compared to $10.3 billion in 2021), for a turnover of $32.16 billion (compared to $33.67 billion in 2021). However, the latter still exceeds the estimates.

 

With the exception of Apple, the giants of the Silicon Valley had to implement a massive redundancy plan in the fall, while the number of their employees had exploded during the pandemic. Meta cut 11,000 jobs, or about 13% of its workforce. Hiring has been frozen until the end of March 2023 and the layoffs may not be over. Mark Zuckerberg, who is also Meta’s largest shareholder, wants 2023 to be “the year of efficiency” and said on the conference call with analysts that he was looking to “remove some of the layers, some of the middle management positions to speed up decision making”.

 

Reality Labs, the branch in charge of the development of the metaverse, thus posts losses of 4.3 billion dollars during the last quarter. It had already lost $3.7 billion in the third quarter, and $2.6 billion in the second.

Meta’s share price soars

 

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Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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