Facebook changed its name to Meta
Plus: Apple and Amazon could lose $200 billion in value & Comcast’s subscriber growth is slowing
Facebook (FB) has changed its company’s name to Meta, to reflect its growing ambitions beyond just social media to the metaverse.
Why this matters: The company has a new name - not the app. Amidst the sea of controversies the company has faced recently, a rebrand could offer an opportunity to start on a “clean slate”. CEO, Mark Zuckerberg said that the name “Meta” will reflect the company and what they hope to build as “Facebook” doesn’t fully encompass what the company does. Facebook will also start trading under the new stock ticker symbol, $MVRS on December 1. (The Verge)
Apple and Amazon could lose $200 billion in value
Why this matters: Big tech companies have been hit by supply-chain issues, and if they are not immune, then shortages are likely to be a growing risk for companies this earnings season and beyond. Apple CEO, Tim Cook, said that supply-chain problems cost the company $6 billion in quarterly sales. Amazon CFO, Brian Olsavsky, also said wage growth and inflation added $2 billion in costs to his company’s quarterly results. Shares of Apple and Amazon were down 3.7% and 4.2%, respectively. (Barron's)
Comcast’s subscriber growth is slowing
Comcast (CMCSA) reported lowered-subscriber growth as predicted by analysts but exceeded revenue and earnings expectations.
Why this matters: Slowing customer growth has been a concern for cable investors lately, and the industry’s stocks have lagged behind in the market for a while. Comcast’s management also hinted in their fourth-quarter commentary that there’s more subscriber growth weakness ahead. There was a post-pandemic recovery at NBCUniversal as the Tokyo Olympics strongly boosted advertising revenue. (Barron's)
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