Meta Platforms Inc.’s stock META rose 1.5% in premarket trading after reports from Bloomberg emerged late Monday that it is poised to lay off thousands more staff members, starting later this week. Late last year, the social media giant had already cut 11,000 jobs in a bid to flatten its structure after a sharp drop in advertising revenue.Meta Platforms Inc.’s stock META rose 1.
Social media and dating app Grindr Inc. shares GRND sank almost 15% after reporting lower net income in the fourth quarter. The company’s revenue rose to $54.5 million from $45 million a year earlier but net income dropped to $5.2 million compared with $6.5 million a year earlier. Executives said they expect a 25% revenue increase in fiscal 2023 from about $195 million in 2022.
Biopharmaceutical company ADial Pharmaceuticals Inc.’s stock ADIL made strong gains premarket, rising 50%, after it issued an update on its regulatory strategy for AD04, its lead compound for the treatment of alcohol use disorder.
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