{"id":543507,"date":"2022-02-03T04:03:42","date_gmt":"2022-02-03T04:03:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/meta-comes-back-to-earth-after-shedding-users-for-the-first-time\/"},"modified":"2022-02-03T04:03:42","modified_gmt":"2022-02-03T04:03:42","slug":"meta-comes-back-to-earth-after-shedding-users-for-the-first-time","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/meta-comes-back-to-earth-after-shedding-users-for-the-first-time\/","title":{"rendered":"Meta comes back to earth after shedding users for the first time"},"content":{"rendered":"

<\/a> EARNINGS WATCH- Weak Q4 drags Meta back to reality: <\/strong>Shares in Facebook\u2019s parent company plummeted more than 20% in after-hours trading, on the back of weak fourth-quarter financials (pdf)<\/a> that saw its earnings drop 8% y-o-y for the quarter to hit USD 10.3 bn. The company warned investors that it expected the first quarter of 2022 to be equally rough going, saying revenues would fail to meet expectations due to \u201cincreasing competition,\u201d the Financial Times<\/a> reports. If shares open at the same levels this morning, Meta would see more than USD 200 bn wiped off its value. Meanwhile, Amazon is up to report its 4Q financials today.<\/strong><\/p>\n

M3lesh, Nasdaq dip-buyers:<\/strong> The weak results put an end to the Nasdaq\u2019s biggest four-day rally since November 2020, Bloomberg<\/a> reports, which had seen the index gain 8% since Thursday. Dip-buyers rushed into the Nasdaq in recent days as they sought gains following a rocky January for its high-value tech stocks ahead of anticipated Fed tightening.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,692<\/p>\n<\/td>\n

\n

+0.8% (YTD: -2.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,193<\/p>\n<\/td>\n

\n

-0.8% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,735<\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,174<\/p>\n<\/td>\n

\n

+0.1% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,589<\/p>\n<\/td>\n

\n

+0.9% (YTD: -3.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,583<\/p>\n<\/td>\n

\n

+0.6% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 89.47<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 5.41<\/p>\n<\/td>\n

\n

-1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,808<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 36,903<\/p>\n<\/td>\n

\n

-5.0% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.8% at today\u2019s close<\/strong> on turnover of EGP 955 mn (12.2% below the 90-day average). Regional investors were net buyers. The index is down 2.2% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+8.7%), Credit Agricole (+5.8%) and Fawry (+5.7%).<\/p>\n

In the red: <\/strong>Abu Qir Fertilizers (-1.5%), Madinet Nasr Housing (-0.7%) and Mopco (-0.7%).<\/p>\n

It\u2019s a blood-red kind of morning in global markets. <\/strong>Major Asian benchmarks are largely in the red (Seoul\u2019s Kospi is bucking the trends) and futures suggest European markets and Wall Street could follow suit later today,.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Weak Q4 drags Meta back to reality: Shares in Facebook\u2019s parent company plummeted more than 20% in after-hours trading, on the back of weak fourth-quarter financials (pdf) that saw its earnings drop 8% y-o-y for the quarter to hit USD 10.3 bn. The company warned investors that it expected the first quarter of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543507","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"f041300f-effd-4b53-b326-2081115a93f8","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543480],"teaser":"","voice_url":""},"yoast_head":"\nMeta comes back to earth after shedding users for the first time - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/meta-comes-back-to-earth-after-shedding-users-for-the-first-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meta comes back to earth after shedding users for the first time\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Weak Q4 drags Meta back to reality: Shares in Facebook\u2019s parent company plummeted more than 20% in after-hours trading, on the back of weak fourth-quarter financials (pdf) that saw its earnings drop 8% y-o-y for the quarter to hit USD 10.3 bn. 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Apple, Alphabet, Amazon, Meta and\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/516.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555456,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/e-finance-profits-fall-15-in-3q2021\/","url_meta":{"origin":543507,"position":1},"title":"e-Finance profits fall 15% in 3Q2021","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"e-Finance saw its net income dip 20% y-o-y in 3Q2021 to EGP 99.3 mn, according to the company\u2019s first quarterly financials (pdf) as a publicly traded company. Revenues rose around 25% y-o-y during the quarter to EGP 395.2 mn. On a nine-month basis, net income rose 35% y-o-y to EGP\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577038,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/berkshire-turns-in-mixed-results-global-food-prices-hold-steady\/","url_meta":{"origin":543507,"position":2},"title":"Berkshire turns in mixed results + global food prices hold steady","author":"enterpriseam admin","date":"7 November 2022","format":false,"excerpt":"Another mixed set of results for Berkshire Hathaway: The Warren Buffett-led conglomerate posted a USD 2.7 bn loss in 3Q 2022, compared to profits of USD 10.3 bn during the same period last year, according to its quarterly earnings (pdf), marking a second consecutive quarter of losses in the USD\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548150,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/so-far-so-good-on-us-earnings-for-2q\/","url_meta":{"origin":543507,"position":3},"title":"So far, so good on US earnings for 2Q","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"The first US tech earnings are in \u2014 and they\u2019re not as disappointing as expected: Microsoft and Google parent Alphabet were the first of the US tech giants to release their second-quarter earnings yesterday amid investor unease about how global economic headwinds are impacting revenues in the sector. Microsoft missed\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561696,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/what-the-markets-are-doing-on-18-april-2021\/","url_meta":{"origin":543507,"position":4},"title":"What the markets are doing on 18 April 2021","author":"enterpriseam admin","date":"18 April 2021","format":false,"excerpt":"US banks\u2019 earnings season is still going strong: Bank of America reported stronger-than-expected earnings in 1Q2021, with its net income doubling during the three-month period to reach USD 8.1 bn, according to the multinational investment bank's financials (pdf). Bank of America\u2019s performance comes as it released USD 2.7 bn in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565996,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/oc-ci-capital-credit-agricole-report-1q2021-earnings\/","url_meta":{"origin":543507,"position":5},"title":"OC, CI Capital, Cr\u00e9dit Agricole report 1Q2021 earnings","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction (OC) reported a bottom line of USD 23.9 mn in 1Q2021, down 4.4% y-o-y from USD 25 mn in 1Q2020, the company said in an earnings statement (pdf). Revenues were down 1.3% over the same quarter last year to USD 816.6 mn from USD 827.6 mn,\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543507"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543507\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543480"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543507"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543507"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}