Facebook Reports Earnings After Announcing an Adjusted News Feed Strategy and Microsoft Moves Ahead with Strong Cloud Strategy
Facebook and Microsoft released earnings after the Closing Bell today. The two tech companies beat expectations for both revenue and earnings per share.
Microsoft saw growth across the board, including in their cloud sector. Intelligent Cloud revenue rose 15% to $7.8 billion.
For Facebook, the social media still had strong earnings despite changing their news feed algorithm. Despite wins on both revenue and EPS, shares fell after the bell.
Keenan Beasley is the co-founder of BLKBOX, a marketing and intelligence agency that works closely with Facebook. Beasley joins Cheddar to give his take on Facebook earnings. Beasley is impressed by the increase of active users and believes ad revenue will just continue to grow. Beasley expects Facebook to produce less ads, but each advertisement will be more valuable, more expensive to buy, and therefore create higher profits for Facebook.
Breaking down the good, the bad, and the new in business on Monday, June 13, 2022, with JP Morgan's bullish Apple take, EV startup Electric Last Mile Solutions planning to declare bankruptcy, and Amazon getting ready to roll out its new drone delivery service in California.
Tech apprenticeship platform Multiverse became a unicorn with a $1.7 billion valuation, after raising $220 million in a Series D round. As companies across the country face challenges in hiring and retaining tech talent, Multiverse says it's trying to offer a solution with a new way to train and hire workers that can serve as an alternative to college and corporate training. Sophie Ruddock, VP and GM North America of Multiverse, joins Cheddar News' Closing Bell to discuss.
Bitcoin's price has fallen below $24,000, its lowest level since December 2020. Matt Hougan, CIO at Bitwise Asset Management, joined Cheddar News to discuss the future of crypto amid the latest high-profile point of concern, the halting of withdrawals at Celsius Network. "Last month we saw Luna collapse. This month we're seeing Celsius possibly collapsing," he said. "So this stress test is finding weaknesses in the crypto ecosystem and it will continue until we get to a strong foundation from which crypto can recover."
An analyst at JP Morgan is predicting massive future growth for Apple in its music and gaming divisions — to the tune of more than $8 billion in revenue by 2025. Cheddar News anchors Kristen Scholer and Hena Doba discuss the glowing forecast for the tech giant.
