Meta (Facebook) CEO Mark Zuckerberg announced yesterday...
Meta (Facebook) CEO Mark Zuckerberg announced yesterday the tech company is cutting 11,000 jobs this week, a 13% cut amid a broader digital advertising downturn and skepticism of the company's bet on the metaverse. Meta also announced it is extending a hiring freeze through the first quarter of 2023. Read Zuckerberg's letter to employees here.
The major layoffs are the company's first after 18 years of growth ended this summer with its first quarterly decline in revenue. The social media giant's market capitalization peaked last year at $1T (see chart) but has since lost almost 80% of its value as the pandemic-induced tech boom fizzled and video-centric competitor TikTok makes inroads into the market.
Meta is not alone in cutting jobs of late; other tech companies include Lyft, payment processor Stripe, and Twitter, whose workforce was halved last week. Shares of Meta jumped as high as 8% on the layoff news.
Russian troops reportedly began pulling out from Ukraine's southern port city of Kherson yesterday. Kherson was the only regional capital Moscow had seized since its invasion of Ukraine in February. The region provides access to the Black Sea, a vital passageway for incoming arms and exports (see map). Ukrainian officials say they are cautious of the news.
Russian forces withdrew to the eastern bank of the Dnipro River and are reportedly ceding all territory on the western bank. News of the withdrawal came after Russian state media reported a Moscow-installed official in Kherson died in a car crash.
Dow finishes down over 600 points as stocks end sharply lower
U.S. stocks closed sharply lower on Wednesday, with the Dow logging...
U.S. stocks closed sharply lower on Wednesday, with the Dow logging its biggest daily drop since Oct. 7, as the major indexes saw their worst post-election day performance since 2012,according to Dow Jones Market Data. The S&P 500 SPX, -2.08% finished down 79.54 points, or 2.1%, at 3,748.57. The Dow Jones Industrial Average DJIA, -1.95% closed 646.89 points, or 2%, lower at 32,513.94. The Nasdaq Composite COMP, -2.48% finished down 263.02 points, or 2.5%, at 10,353.17.
Oil prices end lower on rise in U.S. crude supplies, worries over Chinese demand
Oil futures ended lower on Wednesday, logging a third straight...
Oil futures ended lower on Wednesday, logging a third straight session decline, with prices pressured by a weekly climb in U.S. crude supplies and ongoing concerns over the impact of China’s zero COVID policy on that country’s demand for oil. U.S. benchmark West Texas Intermediate crude for December delivery CLZ22, -3.49% fell $3.08, or 3.5%, to settle at $85.83 a barrel on the New York Mercantile Exchange, the lowest front-month finish since Oct. 25, FactSet data show.
Occidental Petroleum Q3 Profit Surges from a Year Ago on High Oil Prices
Occidental Petroleum Corp. on Nov. 8 posted a four-fold increase in third-quarter profit from...
Occidental Petroleum Corp. on Nov. 8 posted a four-fold increase in third-quarter profit from a year earlier while receding from the previous quarter as energy prices eased from peaks.
Oil and gas producers such as Houston-based Occidental are benefiting this year from crude prices that have cooled down in recent months but are still hovering at their highest levels in years as sanctions on Russia and output cuts by OPEC+ fuel supply concerns.
Net income attributable to common stockholders was $2.55 billion, or $2.52 a share, in the third quarter. That is a four-fold increase from the $628 million, or 65 cents per share, from a year earlier, but a decrease from the $3.6 billion posted in the second quarter.
