The News Caravan

Tag: stock

  • Musk will give Twitter workers stock awards based on $20 bn valuation

    Musk will give Twitter workers stock awards based on $20 bn valuation

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    San Francisco: Elon Musk has finally broken his silence on giving stock awards to employees, saying that they will get stock awards based on a roughly $20 billion valuation.

    It is less than half of $44 billion for which Musk acquired the micro-blogging platform, reports The Wall Street Journal.

    “I see a clear, but difficult, path to a >$250B valuation,” he told employees in an email.

    He said that Twitter is being reshaped so that the company “can be thought of as an inverse startup.”

    In a separate email, Twitter told employees it is offering new equity grants to staff that will start to vest after six months.

    In about a year, the company will offer a liquidity event in which they can cash out some of that equity.

    The new grants will vest over four years, according to the Journal.

    Twitter spent nearly $630 million on stock-based compensation in 2021.

    It had more than 7,500 employees and now, the company is down to about 2,000 workers after Musk laid off thousands in several rounds of layoffs.

    Despite Elon Musk’s efforts to monetise Twitter, the micro-blogging platform reported a massive 40 per cent drop in revenue and adjusted earnings for December 2022.

    Several advertisers “ditched the social-media platform following Elon Musk’s takeover”, the Wall Street Journal had earlier reported, citing people familiar with the matter.

    In an update to investors, Twitter reported a 40 per cent decline (year-over-year) in both revenue and adjusted earnings for December 2022.

    The company recently made a first interest payment to banks that lent $13 billion to help Musk buy Twitter.

    Musk had predicted in November that Twitter may go bankrupt.

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    #Musk #give #Twitter #workers #stock #awards #based #valuation

    ( With inputs from www.siasat.com )

  • Markets witness rush as people stock on dates, fruits

    Markets witness rush as people stock on dates, fruits

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    Srinagar, Mar 23: Markets across the valley witnessed a good rush on Thursday with the beginning of the holy month of Ramadan, while people were busy stocking up on fruits and dates.

    Sajad Ahmad, a Srinagar resident told the news agency—Kashmir News Observer (KNO) that breaking the fast with dates is Sunnah (a Prophetic way) and Muslims across the world including Kashmir consume dates in this holy month in large quantities. “Apart from Sunnah, dates have health benefits,” he said.

    Parvez Ahmad, a wholesale and retail dealer of dates in Srinagar said this year they have 50 to 60 varieties of dates on display, mostly Saudi dates.

    “The prices of dates range from Rs 250 to Rs 1,500 per kg, and the majority of the dates in the market are from Saudi Arabia,” he said, adding, “We also have dates from other countries.”

    Parvez said there is a steep hike in rates compared to last year but that they are anticipating good sales as the holy month progresses. “Ideally, the first 10 to 15 days of the holy month record good sale of dates as people also purchase full boxes to make arrangements for Iftaars at Masjids and Darul-Ulooms. We also make special baskets of dates as gift packs,” he said.

    Another date seller in Srinagar’s Lal Chowk area said this year’s sales are comparatively low due to rising prices. “But we are hopeful of making more sales as the month progresses,” he said—(KNO)

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    #Markets #witness #rush #people #stock #dates #fruits

    ( With inputs from : roshankashmir.net )

  • Twitter employees to soon receive stock awards: Musk

    Twitter employees to soon receive stock awards: Musk

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    San Francisco: After another round of layoffs over the weekend, Twitter CEO Elon Musk informed the remaining employees that they will receive acevery significant” performance-based stock awards on March 24.

    “This past week, we completed a difficult organisational overhaul focused on improving future execution, using as much feedback as we could gather from the entire company,” Musk wrote in an internal memo on Monday obtained by The Verge.

    “Those who remain are highly regarded by those around them,” he added.

    The memo, titled “Performance Awards”, was Musk’s first message to Twitter staff since he fired hundreds more employees over the weekend, including some senior loyalists and almost the whole product team.

    However, he hasn’t yet shared any details about “how he will make up for the stock awards that went away when he took Twitter private”, the report said.

    He also previously made internal comments in which he mentioned the structure he established at SpaceX to allow employees to regularly sell the company’s stock to interested investors.

    Now, the company likely has less than 2,000 employees, which was about 7,500 when Musk took over.

    “I think he’s just tearing this thing down to the studs and trying to run as lean as possible till the market turns around,” a recently laid-off employee said.

    Recently, more than 50 employees were laid off, which were spread across several departments.

    Twitter product manager Esther Crawford, who led the Blue project and Martijn de Kuijper, the creator of the now-shuttered Revue newsletter platform that Twitter acquired in 2021, were among them.

    With this recent cut, Musk has done at least four rounds of layoffs.

    This is happening despite his promise not to sack more employees after his brutal layoff exercise in November last year that affected two-thirds of the micro-blogging platform’s 7,500 employees.

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    #Twitter #employees #receive #stock #awards #Musk

    ( With inputs from www.siasat.com )

  • ‘We need answers’: Oppn asks questions on LIC’s stock value slump in Adani Group

    ‘We need answers’: Oppn asks questions on LIC’s stock value slump in Adani Group

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    Members of several opposition parties have raised questions on the latest development of the value of stocks held by the Life Insurance Corporation (LIC) of India in the embattled Adani group companies.

    TMC MP Mahua Moitra in a tweet on Friday tagged FM Nirmala Sitharaman and asked the reasons behind why the centre is supporting Adani at the ‘cost of Indian public’.

    “₹3200 cr loss in Adani shares for @LICIndiaForever so far.
    @nsitharaman
    #IRDAI what pressure is there to support Adani at cost of Indian public?
    We need answers,” she tweeted.

    Congress spokesperson Randeep Singh Surjewala asked the Prime Minister to ‘break the silence’.

    “The bitter truth is that the original deposit made by #LIC years ago in the shares of #Adani has also fallen.

    LIC’s original holding of Adani shares – ₹ 36,474 crores.

    On February 23, 2023 the price remained – ₹ 33242 cr. Still why not investigate Adani? PM break the silence!” he said in a series of tweets.

     AIMIM chief Asaduddin Owaisi on Thursday targetted the BJP-led centre by saying that Prime Minister Narendra Modi has put common man’s savings at risk by investing LIC’s money in the Adani group of companies.

    “Poora kuppa kar diye” as we say in Hyderabad. LIC is putting common man’s savings at risk; all for the sake of one man’s friendship.
    @PMOIndia’s motto seems to be “profit before people,” he tweeted.

    Kerala former finance minister Thomas Isaac said that the management of LIC has the dity to protect policy holders’ interests and not just Adanis’.

    “Till when will LIC continue stand on the burning deck of Adani ship like a Casablanca? Reports say that LIC’s Adani Group investment has eroded to near cost now. LIC’s assets are public money, the management has the duty to protect policy holders interests and not just Advani’s,” he tweeted.

    Supreme Court lawyer and activist Prashant Bhushan asked the reason behind giving an extension to the LIC chairman when just in a span of one month after the Hindeburg expose, the value of Adani shares held by the LIC has fallen down.

    “So, in just a month after the Hindenburg expose, the Value of Adani shares but by LIC from our money has fallen from 72000 Cr to 26000 Cr, more than 3250 Cr below its purchase price. And this LIC Chairman has been given extension. For putting more public money into Adani shares?” he tweeted.

    The investments made in the Adani group companies by state-run insurance giant Life Insurance Corporation of India (LIC) have turned negative as of closing on February 23, according to data analysed from stakes held by the insurance company as per the December shareholding pattern made available on the exchanges.

    If some Adani stocks do not find support soon, LIC’s investment in the beleaguered Group, whose listed companies’ share prices have fallen by up to 80 percent, will almost certainly turn negative, as combined profit has now fallen to around Rs 3,000 crore from Rs 53,000 crore profit since the beginning of this year.

    Following a sell-off in Adani stocks following the Hindenburg Research report, the combined market value of LIC’s investments in Adani Group was Rs 33,000 crore on February 23, down from nearly Rs 83,000 crore on December 31, 2022. When Hindenburg published its damning report on January 24, the LIC’s investment in Adani Cos was valued at Rs 81,000 crore.

    This is primarily due to the significant sell-off in Adani Group stocks.

    After the publication of the Hindenburg report, LIC declared on January 30 that at the end of December, it owned Rs 35,917 crores under equity and debt in Adani Group equities.

    Since the US-based short seller Hindenburg released their research a month ago alleging accounting fraud and stock manipulation, the market value of the group’s 10 listed firms has fallen by $146 billion, or approximately 60 percent. Adani has refuted the charges.

    With the decline on Thursday, LIC’s investments now have a negative value or a loss. It is assumed that after January 30, LIC has not acquired or disposed of any stock in the Group entities.

    LIC owns between 1.28 percent and 9.14 percent of the shares in seven publicly traded Adani companies.

    The value of LIC’s investment in Adani Ports (APSEZ), in which it owns more than 9 percent, has fallen from Rs 15,000 crore on January 24 to slightly less than Rs 11,000 crore on February 23. Similarly, the value of its 4.23 percent stake in Adani Enterprises has decreased from Rs 16,500 crore to Rs 6,660 crore over the same time period. LIC also owns slightly less than 6 percent of Adani Total Gas.

    Since this Adani stock has dropped nearly 80 percent in the last month, LIC’s investment value has dropped from Rs 25,500 crore on January 24 to around Rs 5,200 crore.

    LIC holds 3.65 percent of Adani Transmission and 1.28 percent of Adani Green. In one month, the shares of both companies fell 73 percent. The LIC’s investment in Adani Transmission is now valued at Rs 3,000 crore, while the investment in Adani Green is valued at around Rs 1,000 crore. The loss suffered by LIC in Ambuja Cement and ACC is not severe.

    According to LIC, its total exposure in Adani Group companies amounts to 0.975 percent of its total assets under management (AUM) at book value.

    Meanwhile, most Adani stocks closed with significant losses on Thursday. In one month, the Group’s market capitalisation has dropped by approximately Rs 12 lakh crore.

    The stock market’s fallout has resulted in a sharp decline in Gautam Adani’s wealth, which now stands at $42.7 billion, according to the Bloomberg Billionaires index. He has dropped to 29th place on the world’s wealthiest list, down from second place last year.

    Gautam Adani is the founder of the Ahmedabad-based conglomerate Adani Group. Infrastructure, commodities, power generation, transmission, real estate, and cement are all areas of interest for the group.



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    #answers #Oppn #asks #questions #LICs #stock #slump #Adani #Group

    ( With inputs from www.siasat.com )

  • Hyderabad: NMDC Steel Limited listed at Bombay Stock Exchange

    Hyderabad: NMDC Steel Limited listed at Bombay Stock Exchange

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    NMDC listed at BSE

    Hyderabad: NMDC Steel Limited (NSL) was listed on the Bombay Stock Exchange on Monday. NSL, National Mineral Development Corporation’s (NMDC) 3 Million Tonnes per annum Integrated Steel Plant at Nagarnar in Chhattisgarh, was listed to become a public company on Monday.

    The listing ceremony was held at the Bombay Stock Exchange, Mumbai in presence of Chairman-cum-Managing Director of NSL, Sumit Deb.

    NMDC Steel Limited was incorporated as a wholly owned subsidiary of NMDC Limited on January 2, 2015, under the Companies Act, 2013 with a registered office at NMDC Iron & Steel Plant Nagarnar Bastar, Chhattisgarh.

    The now demerged company NMDC Steel Limited is a central public sector enterprise with a paid-up capital of Rs. 2,930 crores owned by the President of India, under the administrative control of the Union ministry of steel. The government owns a 60.79% stake in this company, said a press release on Monday.

    “Nagarnar Steel Plant is in the final stages of commissioning and is likely to be commissioned shortly. This plant will cater to the domestic steel needs and fulfill the vision of the National Steel Policy 2017 of the Government of India,” said Sumit Deb.

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    #Hyderabad #NMDC #Steel #Limited #listed #Bombay #Stock #Exchange

    ( With inputs from www.siasat.com )

  • DC Kulgam takes stock of  arrangements at Ziyarat Shareef Simnanya for Shab-e-Mehraj

    DC Kulgam takes stock of  arrangements at Ziyarat Shareef Simnanya for Shab-e-Mehraj

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    KULGAM,FEBRUARY 18: The Deputy Commissioner Kulgam, Dr. Bilal-Mohi-Ud-Din-Bhat today visited Shrine of Mir Syed Ali Hussain Simnani RA, here at Kulgam and took stock of arrangements being put in place for the smooth conduct of celebrations of Shab-e-Mehraj.

    During his visit  he also interacted with management Committee members of the shrine and enquired about the facilities available for devotees here.

    The Deputy Commissioner also directed the PDD, PHE authorities to ensure smooth water and power supply to the Shrine and other mosques where large gathering of devotees is expected.

    He also instructed the Municipal authorities to continue  sanitation in and around the Shrine to keep the area clean.

    Accompanying the DC were SSP Kulgam Sahil Sarangal, Executive Engineers from PHE, PDD,  Tehsildar Hq, EO MC Kulgam and other officers.
    NO: PR/DDI/SGR/23/70068/

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    #Kulgam #takes #stock #arrangements #Ziyarat #Shareef #Simnanya #ShabeMehraj

    ( With inputs from : roshankashmir.net )

  • Teen overdose deaths lead California schools to stock reversal drug

    Teen overdose deaths lead California schools to stock reversal drug

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    schools overdose antidote 87622

    With overdoses near record highs because of the prevalence of fentanyl, Gov. Gavin Newsom called in his recent budget proposal for $3.5 million to supply middle and high schools with naloxone — even as a potential deficit looms and some programs face cuts.

    “This is a top priority,” the Democratic governor said last month. “There’s not a parent out there that doesn’t understand the significance of this fentanyl crisis.”

    The second-largest school district in the country isn’t waiting.

    Los Angeles Unified placed naloxone in each of its schools last fall. And Superintendent Alberto Carvalho announced this week that the district will allow students to carry the overdose antidote to stem the “devastating epidemic” brought on by fentanyl.

    “We remain committed to expanding access, education and training for this life-saving emergency medication,” Carvalho wrote in a memo to parents Tuesday.

    Fentanyl — which is about 50 times stronger than heroin — is almost entirely responsible for a spike in youth overdose deaths in California, where such incidents were once rarer than in the rest of the country.

    Some young people buy pills from dealers over social media thinking they’re pure oxycodone, Xanax or Adderall, but they’re increasingly laced with fentanyl. Others knowingly ingest the drug, a risk when just 2 milligrams can end a person’s life.

    “It’s not that more teens are using drugs. It’s that the drug supply has gotten more deadly,” said Chelsea Shover, a UCLA epidemiologist.

    But even the strongest advocates of supplying schools with naloxone acknowledge the limits of this approach to saving teenagers on the brink of death, especially if the drug consumption happens off campus.

    California, like Maryland, New Jersey, Rhode Island and Washington — which require public high schools to keep naloxone on hand — will likely be able to save some overdosing teenagers. But not most, CDC cause of death data shows.

    “Truthfully, I think having Narcan in schools is a Band-Aid,” said Assemblymember Joe Patterson, a Republican from a suburban district near Sacramento who’s authoring legislation requiring schools to stock the drug. “It’s really just a treatment to save lives when kids are poisoned. But we need to stop kids from being poisoned in the first place.”

    Schools can get naloxone for free through California Department of Public Health grants, and some have already administered it several times this school year: 12 times in Los Angeles, at least once in Santa Clara County and once in Sacramento, according to school district spokespeople.

    “If you have free, ready access to something like this, why not put it in those spaces where you could save a life?” asked Flores.

    But many districts don’t carry it in the absence of a state mandate. And despite Newsom’s support for more naloxone funding, he has not said whether he backs legislation that would require schools to keep the antidote drug on site.

    Keeping a couple doses in a central location within a school is only the “bare minimum thing that we should do,” said Shover.

    Teenagers are more likely than school nurses to see their peers overdosing in time to do something about it, and those whose friends might be at risk should carry doses, the epidemiologist said. That reasoning, and the urging of the county department of public health, prompted LAUSD’s new policy.

    California lawmakers are also considering legislation that would require stadiums, amusement parks, concert venues and universities to have naloxone on hand. The medication is available in a nasal spray and comes without risk to people who take it in, even if they aren’t overdosing.

    Other legislators have proposed new regulations for social media companies in an effort to curb online trafficking of “fentapills” to young adults. And Republicans have introduced bills that would lengthen prison sentences for fentanyl traffickers and sellers — a tough political sell for the statehouse’s Democratic supermajority, which has been working to reduce incarceration rates after the decades-long war on drugs.

    Changes to health education for students are noticeably absent from the batch of legislation. California doesn’t require schools to offer dedicated health classes, let alone instruction on fentanyl.

    A bill from state Sen. Dave Cortese would require schools to address opioid overdoses in their safety plans and have the state provide overdose training and prevention materials to districts, replicating steps that schools have taken in Santa Clara County, where he lives.

    His legislation would, however, stop short of requiring schools to teach students about the drug or train teachers to administer naloxone, even though he said he supports both. Fights to change curricula or impose teacher training requirements have historically proven difficult and time-consuming in Sacramento.

    “I think the bill takes a little bit of a step forward — short of mandated training, which would be the ideal, frankly,” Cortese (D-San Jose), said of his legislation.

    Even if other fentanyl proposals are politically tenuous, getting naloxone into schools has drawn the backing of both parties, making the requirement likely to clear the Legislature.

    “Ideally,” Shover said, “we should have done it a while ago.”

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    #Teen #overdose #deaths #lead #California #schools #stock #reversal #drug
    ( With inputs from : www.politico.com )

  • PIL in SC seeks prosecution of short sellers for ‘artificial’ crashing of Adani Group’s stock value

    PIL in SC seeks prosecution of short sellers for ‘artificial’ crashing of Adani Group’s stock value

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    New Delhi: A PIL has been filed in the Supreme Court, seeking the prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US, for allegedly exploiting innocent investors and the “artificial crashing” of the Adani Group’s stock value in the market.

    Hindenburg engages in activist short selling, which involves selling borrowed stocks with the hope of buying the same at a lower price later. If the prices fall on the expected lines, the short sellers make a killing.

    The investment research firm, which invests its own capital, takes such bets based on its research, which looks for “man-made disasters” such as accounting irregularities, mismanagement, and undisclosed related-party transactions.

    The public interest litigation (PIL) matter filed by advocate ML Sharma also seeks directions for declaring short selling an offense of fraud against the investors, to be prosecutable under section 420 (cheating) of the Indian Penal Code (IPC), read with the provisions of the SEBI Act.

    Sharma told PTI that his PIL has been registered and numbered by the apex court registry.

    The PIL seeks the court’s directions for the registration of an FIR, recovery of the short sellers’ turnover, their prosecution to protect the citizens of India and further action against them for “duping the Indian share market and innocent investors for their vested interest to provide complete justice”.

    In his petition, Sharma has said being the regulatory body in the stock and commodity market, the Securities and Exchange Board of India (SEBI) is responsible for a control over the share market and the suspension of trading in which stocks have been oversold or they did a short sale.

    According to the PIL, the cause to file the petition arose to the petitioner on January 25, when despite having prior information, the SEBI did not suspend trading qua the Adani Group shares and allowed the short sellers to crash the share market artificially and square up their short-selling position at the lowest rate by “butchering/exploiting” innocent Indian investors in violation of laws.

    The shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stocks of Adani Enterprises tumbled 20 percent to Rs 1,173.55, the lowest in a year, on the Bombay Stock Exchange (BSE).

    The Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share-price manipulation, against the business conglomerate led by industrialist Gautam Adani.

    The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

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    #PIL #seeks #prosecution #short #sellers #artificial #crashing #Adani #Groups #stock

    ( With inputs from www.siasat.com )

  • Adani speaks for first time since turmoil as stock rout continues

    Adani speaks for first time since turmoil as stock rout continues

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    New Delhi: Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller’s accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility.

    His group continued to lose on the stock market, with the cumulative rout now nearing USD 108 billion in a week — one of the biggest wipeouts in India’s history.

    “After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in a video message to investors.

    The company decided to refund the money to investors.

    Adani Enterprises Ltd (AEL) closed at Rs 1,564.70 on the BSE on Thursday, less than half the price at which shares were offered to investors in the follow-on public offer (FPO) that closed on January 31.

    Sources close to the group said it was felt that investors may feel cheated for investing in AEL shares in a price band of Rs 3,112-3,276 when the stock is available in the open market at a much lesser rate.

    The offer price of the Rs 20,000 crore FPO was at a discount to the trading price when it was first announced last month. But the US-based short seller’s report triggered a selldown in stocks of all 10 group companies and the cumulative loss of value is now close to USD 108 billion.

    “In my humble journey of over 4 decades as an entrepreneur I have been blessed to receive overwhelming support from all stakeholders, particularly the investor community… For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses, we have withdrawn the FPO,” Adani said.

    US-based short seller Hindenburg Research’s report and the stock rout figured in Parliament on Thursday, with opposition parties seeking a discussion and a probe by a joint parliamentary committee (JPC).

    The Reserve Bank of India (RBI) has also asked banks for details of their exposure to the Adani Group.

    Adani said the decision to withdraw the FPO will not have any impact on the group’s existing operations and future plans. “We will continue to focus on timely execution and delivery of projects.”

    “The fundamentals of our company are strong. Our balance sheet is healthy and assets, robust. Our EBITDA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long term value creation and growth will be managed by internal accruals,” he said.

    The share sale plans will be considered once the market stabilises.

    “Once the market stabilises, we will review our capital market strategy,” he said.

    Adani group, he said, has a strong focus on ESG and every business will continue to create value in a responsible way. “The strongest validation of our governance principles comes from several international partnerships we have built across our different entities.”

    Abu Dhabi’s International Holding Co., which invested about USD 400 million in AEL’s FPO as anchor investor, said the funds have been returned.

    It was among 33 investors who poured in close to Rs 6,000 crore on January 24 — the day Hindenburg came out with its report.

    State-run insurance behemoth Life Insurance Corporation (LIC) took 5 percent of the anchor portion. It already holds a 4.23 percent stake in AEL and has exposures in other group companies as well, including a 9.14 percent stake in Adani Ports and 5.96 percent in Adani Total Gas.

    The FPO opened to the public on January 27 and managed to get fully subscribed on the last day on January 31 after non-retail investors poured in money even though the offer price was higher than the stock’s trading price on the bourses.

    Adani, who last year became the world’s second-richest man with a USD 147 billion fortune, has seen his own personal wealth plummet by around USD 57 billion since then.

    The January 24 report accused Adani Group companies of “brazen stock manipulation and accounting fraud”. The group has denied all allegations, calling the report “bogus” and full of lies, and has threatened legal action.

    Citigroup Inc’s wealth arm as also Credit Suisse Group AG have stopped accepting securities of Adani Group firms as collateral for margin loans as banks ramp up scrutiny of the conglomerate’s finances.

    Hindenburg in its report said Adani companies had “substantial debt” and that shares in seven listed companies have an 85 percent downside due to what it called “sky-high valuations”.

    Adani Group has maintained that its companies have “consistently de-levered”.

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    ( With inputs from www.siasat.com )

  • Meta surprises analysts with good results, $40 bn stock buyback

    Meta surprises analysts with good results, $40 bn stock buyback

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    Meta surprises analysts with good results, $40 bn stock buyback

    San Francisco: Meta (formerly Facebook) has surprised the market analysts with posting better-than-expected results for its quarter that ended December 31, 2022, and announcing a $40 billion stock buyback.

    The company reported a revenue of $32.17 billion for the fourth quarter (down four per cent Y-o-Y) and $116.61 billion for the full year.

    Meta said that its headcount increased 20 per cent (year-over-year) to 86,482 as of December 31. That number included a large chunk of more than 11,000 workers the company fired in November.

    “Our community continues to grow and I’m pleased with the strong engagement across our apps. Facebook just reached the milestone of 2 billion daily actives,” said Mark Zuckerberg, Meta founder and CEO.

    “The progress we’re making on our AI discovery engine and Reels are major drivers of this,” he added.

    The family daily active people was 2.96 billion on average for December 2022, an increase of five per cent year-over-year.

    The family monthly active people was 3.74 billion.

    The Facebook daily active users were two billion on average for December 2022, an increase of four per cent year-over-year.

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    #Meta #surprises #analysts #good #results #stock #buyback

    ( With inputs from www.siasat.com )