{"id":548184,"date":"2022-07-28T03:44:16","date_gmt":"2022-07-28T03:44:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/things-arent-getting-any-better-for-meta\/"},"modified":"2022-07-28T03:44:16","modified_gmt":"2022-07-28T03:44:16","slug":"things-arent-getting-any-better-for-meta","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/things-arent-getting-any-better-for-meta\/","title":{"rendered":"Things aren\u2019t getting any better for Meta"},"content":{"rendered":"

<\/a> Facebook just killed the tech earnings optimism:<\/strong> Facebook parent Meta saw its first-ever quarterly decline in revenues in 2Q 2022 as economic headwinds and competition from other companies hit its ads business. The social media<\/s> metaverse giant posted<\/a> a larger-than-expected fall in revenues, failed to hit earnings estimates, and provided a less-than-optimistic forecast, with CEO Mark Zuckerberg warning that \u201can economic downturn will have a broad impact\u201d on its advertising revenues. \u201cIt\u2019s always hard to predict how deep or how long these cycles will be. But I\u2019d say that the situation seems worse than it did a quarter ago.\u201d Meta shares fell 4.7% in after-hours trading<\/p>\n

Its rivals<\/a><\/strong> were less gloomy on Tuesday<\/strong>, with Microsoft issuing a bullish full-year forecast and Google\u2019s ad revenues holding up.<\/p>\n

US retail is feeling the pinch:<\/strong> Best Buy followed in Walmart\u2019s footsteps<\/a> yesterday, cutting its profit outlook<\/a> for the year as inflation hits consumer demand.<\/p>\n

WATCH THIS SPACE- Apple will release today<\/strong> its figures for the three months ending June.<\/p>\n

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The rise of the GCC sovereign funds:<\/strong> Flush with oil revenues, Gulf sovereign wealth funds (SWFs) are taking advantage of the current market volatility and going on a spending spree, Bloomberg<\/a> reports. Data compiled by the business newswire shows the GCC\u2019s largest SWFs, which control over USD 3 tn in assets, spending at least USD 28.6 bn in acquisitions outside the region and Africa year-to-date, which is 45% higher than the same period last year and an all-time record for the period.<\/p>\n

Among those in the spotlight<\/strong> are Abu Dhabi\u2019s Royal Group<\/strong>, a conglomerate led by UAE National Security Adviser Sheikh Tahnoon Bin Zayed. Royal Group has backed a new fund launched by SoftBank Group Corporate executive Rajeev Misral; Chimera, which is now acquiring Beltone Financial here at home, is also a unit of Royal. Abu Dhabi\u2019s Mubadala<\/strong> is gaining momentum, backing Wefox, approving the purchase of Swedish\u2019s Envirotrainer, and is currently in talks to acquire Fortress Investment. It recently emerged as Klarna\u2019s new investor after the latter\u2019s valuation dived to USD 6.7 bn. Other sovereign wealth funds in Saudi Arabia, Qatar and Kuwait are also following suit, benefiting from a commodities boom triggered by the war in Ukraine.<\/p>\n

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