Meta gave 6 executives options worth up to $921M each, then cut 8,000 jobs after a record $56.3B quarter

[UpInArms]

In April, Meta's earnings report revealed it (1)had its best first quarter in company history. Their revenue hit $56.3 billion, up 33% year-over-year, which is the fastest growth it has seen since 2021. Their net income landed at $26.8 billion. And yet, just after the report's release, Meta stock fell about 7% in extended trading (2).

A week before (3) the earnings report, Meta had notified roughly 8,000 employees they were losing their jobs. And six weeks before that, it had quietly granted six senior executives stock packages that could be worth as much as $921 million each, if Meta becomes the most valuable company of all time. To do this, Meta would need to beat out Nvidia for that title. That being said, for now, those options pay nothing.

A closer look at what these numbers mean

Huge layoffs followed by a successful earnings report might seem a bit contradictory, so here's a closer look at the numbers Meta is dealing with.

The $56.3 billion was the most Meta had ever made in three months. The company runs one of the most efficient advertising businesses on the planet: more than $55 billion of that Q1 total came from ads, with a 19% rise in ad impressions and a 12% jump in the average price per ad (4). When both volume and price climb together, it's a clear sign the business is growing its audience, and also getting better at monetizing it.

More at:

https://finance.yahoo.com/markets/stocks/articles/meta-gave-6-executives-options-162000923.html

[chowder66]

1. This just sickens me.

[Ilsa]

2. Fuck them. I hope they

choke on their bonuses.

[luv2fly]

3. Maybe all the DU Facebook users can post this on their pages

You know, to let all their "friends" know.

[UpInArms]

6. I would, but I closed mine out after Cambridge Analytica

in 2017

https://en.wikipedia.org/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal

In the 2010s, personal data belonging to millions of Facebook users was collected by British consulting firm Cambridge Analytica for political advertising without informed consent.[1]

The data was collected through an app called "This Is Your Digital Life", developed by data scientist Aleksandr Kogan and his company Global Science Research in 2013.[2] The app consisted of a series of questions to build psychological profiles on users, and collected the personal data of the users' Facebook friends via Facebook's Open Graph platform.[2] The app harvested the data of up to 87 million Facebook profiles.[2] Cambridge Analytica used the data to analytically assist the 2016 presidential campaigns of Ted
Cruz and Donald Trump.[3][4] Cambridge Analytica was also widely accused of interfering with the Brexit referendum, although the official investigation recognised that the company was not involved "beyond some initial enquiries" and that "no significant breaches" took place.[5][6]

In interviews with The Guardian and The New York Times, information about the data misuse was disclosed in March 2018 by Christopher Wylie, a former Cambridge Analytica employee.[7] In response, Facebook apologized for their role in the data harvesting and their CEO Mark Zuckerberg testified in April 10th 2018 in front of Congress.[7][8] In July 2019, it was announced that Facebook was to be fined $5 billion by the Federal Trade Commission due to its privacy violations.[9] In October 2019, Facebook agreed to pay a £500,000 fine to the UK Information Commissioner's Office for exposing the data of its users to a "serious risk of harm".[10] In May 2018, Cambridge Analytica filed for Chapter 7 bankruptcy.[11]

Other advertising agencies have been implementing various forms of psychological targeting for years and Facebook had patented a similar technology in 2012.[12] Nevertheless, Cambridge Analytica's methods and their high-profile clients—including the Trump presidential campaign and the UK's Leave.EU campaign[13]—brought the problems of psychological targeting that scholars have been warning against to public awareness.[12] The scandal sparked an increased public interest in privacy and social media's influence on politics. The online movement #DeleteFacebook trended on Twitter.[14]

More at link

[Brenda]

7. Good post

I never signed up for FB.

Kinda astonishing how fast this Borg shit happened.

[UpInArms]

8. There were all types of questionnaires

What is you favorite dog

Favorite food

Name of your friends

It was insidious

[PatSeg]

4. I'll never understand what on earth

makes these executives worth THAT much money. Obviously nothing, but I still need to keep asking the question.