The Market Is Missing This Key Fact About Meta
Facebook parent Meta Platforms (NASDAQ: FB) keeps getting kicked around by the market. In a digital advertising market that is navigating activity tracking changes hastened by Apple, Snap's (NYSE: SNAP) revenue and earnings downgrade in May (which Snap blamed on macroeconomic factors) sent Meta's stock retreating as well. Then on Wednesday, Meta COO Sheryl Sandberg abruptly announced her departure after 14 years, during which Sandberg helped oversee the company's rapid rise as the dominant force in social media. Meta's stock is down 44% year to date.
Sandberg has been instrumental to Facebook's growth story, and she will continue to serve on Meta's board of directors. However, a changing of the guard at the executive level highlights the evolution of Meta from a high-growth tech outfit to a slower-growth company returning excess cash to shareholders. This is not the same company it used to be, but the market seems to be overlooking a $9.5 billion line item from the first few months of 2022.
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Source Fool.com