2 FAANG Stocks to Buy Now and Hold Forever
"FAANG" is an acronym that refers to a group of highly popular companies: Meta Platforms (NASDAQ: META) (formerly known as Facebook), Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), Netflix (NASDAQ: NFLX), and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) (née Google). These businesses are all innovators in their respective industries, which is partly why they became so prominent. And while there are solid reasons to consider investing in each, let's consider two specifically whose shares are worth holding on to for decades: Meta Platforms and Netflix.
Meta Platforms changed its name from Facebook to signal an increased focus on the metaverse, which could become a massive $1 trillion annual revenue opportunity, according to some estimates. But the metaverse is far from being a thing the company can profit from right now or anytime soon. Meanwhile, the tech giant is still pouring money into metaverse-related efforts -- expenses that are contributing to lower net income.
And in another blow, Meta Platforms' core advertising business slowed considerably last year. Companies decreased ad spending amid a mountain of economic headwinds. In other words, Meta Platforms struggled over the past year, and that could continue throughout 2023, and perhaps even next year. The company's financial results reflect that. In the fourth quarter, Meta Platforms' revenue decreased by 4% year over year to $32.2 billion.
Source Fool.com
