Meta Platforms Inc. is furthering its descent through the ranks of the biggest companies in the U.S., this time falling below Exxon Mobil Co. for the first time in more than five years.
Shares of Meta lost 3.7% in Thursday trading, as shares of Exxon declined just 0.2%. Meta told employees Thursday that it was implementing a hiring freeze, according to Bloomberg News, though the company declined to comment to MarketWatch’s request and pointed to comments made by Chief Executive Mark Zuckerberg on the company’s latest earnings call, when he said that the company was looking to “steadily reduce headcount growth over the next year.
Though it’s been years since Meta was less valuable than Exxon, it’s been less than two months since Meta last occupied the No. 11 spot, which occurred Aug. 1, back when Nvidia Corp. NVDA, +1.99% was still within the top 10.Meta must deal with broader macroeconomic concerns about the state of the advertising industry, as well as some of its own challenges, which have weighed on the shares in recent months.
Advertising tends to decrease during times of economic issues. Brands should maintain their ad budgets. Brands that advertise through tough times always see a long-term return. It's all about the long game!
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