Business News

Mark Zuckerberg’s Meta No Longer Among Top 10 Most-Valuable Companies

Distressed Patriotic Flag Unisex T-Shirt - Celebrate Comfort and Country $11.29 USD Get it here>>


Meta Platforms Inc. is no longer among the top 10 most valuable companies in the world.

What Happened

As of 8 p.m. ET, Meta, with a market cap of $364.64 billion, has moved to the 11th position among companies with top market cap, data from companiesmarketcap.com shows. Visa Inc. stock is at the 10th position, with a market valuation of $374.38 billion.

Apple Inc. is the most valuable company in the world, with a market valuation of nearly $2.22 trillion.

Meta CEO Mark Zuckerberg announced plans to reorganize teams and trim headcount for the first time ever, according to a report by Bloomberg.

Zuckerberg said the company will freeze hiring and restructure some teams to reduce expenses and realign priorities. Meta will likely be smaller in 2023 compared to what it was this year, he reportedly said.

Why It’s Important

Meta’s market cap hit its highest level on Sept. 1, 2021, when it peaked at slightly over $1.07 trillion. A financial market rout following U.S. Fed’s aggressive rate hikes to control inflation took a heavy toll on tech stocks this year.

Meta shares lost over 59 percent since the beginning of 2022.

In the same time period, shares of Exxon Mobil gained over 39 percent supported by a rise in oil prices due to the Russia–Ukraine war and the global energy shortage.

In the second quarter, the company generated earnings of $17.9 billion as against $4.69 billion in the same period last year. Cash flow from operating activities stood at $20 billion.

The company attributed the higher numbers to increased production, higher realizations and margins, and aggressive cost control.

By Bhavik Nair

© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

Benzinga

Follow



Source link

TruthUSA

I'm TruthUSA, the author behind TruthUSA News Hub located at https://truthusa.us/. With our One Story at a Time," my aim is to provide you with unbiased and comprehensive news coverage. I dive deep into the latest happenings in the US and global events, and bring you objective stories sourced from reputable sources. My goal is to keep you informed and enlightened, ensuring you have access to the truth. Stay tuned to TruthUSA News Hub to discover the reality behind the headlines and gain a well-rounded perspective on the world.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.