Facebook CEO Zuckerberg predicts worst downturn in recent history
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Latest updates in Facebook:
- Mark Zuckerberg asked his employees to brace for one of the worst economic downturns in recent history.
- Facebook has cut plans to hire engineers by at least 30% and leave some vacancies unfilled.
- Facebook seeks to fire employees who fail to meet aggressive goals.
- Facebook is testing NFTs on Facebook’s platform with select creators across the US.
Valuation and share price:
- Facebook stock is available at 57% cheaper valuation from its recent peak. Its P.E. has fallen from 28.3 in Sept 2021 to 12.2 in June 2022.
- Facebook share price has fallen more than 58% from its 52-week high.
What Analysts Are Saying?
- Analysts believe Improving financials, Metaverse plans, Instagram and WhatsApp growth are solid long term value propositions.
- Analysts have retained ‘Buy’ rating for long term, however lowered target price by 10-20% due to current uncertainty.
Why is FB stock going down?
Facebook stock fell after the company reported degrowth in daily active users and forecasted weaker-than-expected revenue growth in the next quarter.
How much Facebook stock has lost?
Facebook stock is down more than 58% from its 52-week high.
Is Facebook firing employees?
- Facebook has cut plans to hire engineers by at least 30% and leave some vacancies unfilled.
- Facebook seeks to fire employees who fail to meet aggressive goals.
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