Metaplatforms stock was falling on Monday after the company posted its biggest single-day increase in market value in history last week. Don't put too much of a damper on the company's social network Facebook's 20th anniversary celebrations.
Meta shares fell 2.7% to $462.14 in early trading, after rising 20% on Friday following the blockbuster earnings release. Still, Meta CEO Mark Zuckerberg and other shareholders said the social media company emerged as a standout in Big Tech's earnings week, outperforming Microsoft and Amazon.com. There is a reason why you feel better after receiving it.
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Meta, which started as Zuckerberg's dorm room project in February 2004, is now worth about $1.22 trillion. The company went public as Facebook in 2012, with a stock price of $38.
Zuckerberg posted a video celebrating Facebook's 20th anniversary on Sunday. Meanwhile, Mehta's rise in valuation has propelled him to fourth place on the Bloomberg Billionaires Index, overtaking Microsoft co-founder Bill Gates.
In other areas of technology, Apple
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The Vision Pro mixed reality headset hit stores Friday. Unsurprisingly, over the weekend, social media was flooded with videos of users wearing the devices at home and in public. That included a viral video that appeared to show someone wearing the device while driving a Tesla Cybertruck. Apple has not released sales figures for the Vision Pro, but corporate monitoring site MacRumors reported, citing sources, that it had sold more than 200,000 units before it went on sale in stores.
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“We believe Vision Pro sales were very strong last weekend, with our 2024 goal of 600,000 units (up from our forecast of 460,000 units before pre-orders),” Wedbush analyst Daniel Ives said in a research note on Monday. “I'm even more confident in my performance (increasing from 2000).''
Apple did not respond to a request for comment on this report.
Ives, a well-known Wall Street tech bull, has a $250 price target and an outperform rating on Apple stock. Apple shares rose 0.5% to $186.72. These are almost unchanged from before the company's financial results report. That's when the company said it expected sales for the March quarter to be about $90 billion, down 5% from a year earlier, with iPhone sales down nearly 10%.
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Nasdaq Composite Index
It fell 0.3% on Monday, but
S&P500
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It fell by 0.3%.
Further afield, a South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes related to a historic and controversial merger, Lee's lawyer said. Samsung shares ended 1.2% lower in local trading.
In Europe, Yandex, Russia's largest search engine and ride-hailing service, agreed to sell its operations in the country to a consortium of Russian investors including oil giant Lukoil for 475 billion rubles ($5.22 billion). It was announced that.
Email Adam Clark at adam.clark@barrons.com.