Enter the Facebook Metaverse
Plus, reports show Pfizer vaccine not as effective & Google postpones return to work
Hello there,
Along with its earnings report, Facebook (FB) announced its plan to transition to a “metaverse”.
Why this matters: The company’s revenue grew by 56%, coming in at $29.08 billion, making this it’s the fastest growth since 2016. The company also grew its user base, reporting over 3 billion monthly users across its family of apps. Facebook also used this opportunity to warn investors that Apple’s (AAPL) new privacy changes will have a greater effect in the third quarter. CEO, Mark Zuckerberg, said that the company is currently transitioning from a social media company to a “metaverse”, “a virtual environment where you can be present with people in digital spaces.” Someone seems to be a fan of Loki. (CNBC)
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Pfizer CEO says COVID vaccine not as effective
Pfizer’s (PFE) COVID vaccine effectiveness is reported to decline to 84% six months after a second dose.
Why this matters: When the vaccine was announced, its effectiveness was strongest, coming in at 96.2%. According to the company CEO however, its effectiveness falls to 84% after four to six months of the first dose. There have also been reports from Israel about a waning of immunity to the deadly virus. The company, however, is confident that a third dose, will shoot the immune response to levels that will be enough to protect against the delta variant. While there has been a push back on Pfizer’s plan for a third dose, research is still being made on whether a booster shot is needed. (CNBC)
Google postpones return to work
Google (GOOGL) CEO, Sundar Pichai, said the company is extending its office return for employees until October amid the latest Covid-19 outbreaks.
Why this matters: Covid cases have been rising in all 50 states of the US as the more contagious delta variant has been spreading. Apple (AAPL) has delayed its return-to-work plans until October, and the state of California this week announced that all state workers would be required to show proof of vaccination by Aug. 2. In December, Google delayed the return to offices of their staff, after which employees were required to work in person for at least three days a week. Despite the setback, the CEO is optimistic that there will be brighter days ahead. (CNBC)
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