Meta Platforms Inc (NASDAQ៖ មេតា) is in focus this morning after the tech behemoth agreed to a $725 million settlement over a privacy lawsuit.
Brief overview of the said lawsuit
The class action lawsuit claimed Facebook – its flagship social network illegally shared user data with Cambridge Analytica, the research firm linked to Donald Trump's election campaign.
តើអ្នកកំពុងស្វែងរកព័ត៌មានរហ័សព័ត៌មានជំនួយក្តៅនិងការវិភាគទីផ្សារមែនទេ?
ចុះឈ្មោះសម្រាប់ព្រឹត្តិប័ត្រ Invezz ថ្ងៃនេះ។
Roughly 87 million users were affected that eventually prompted a lawsuit in 2018. In a statement to ស្ថានីយទូរទស្សន៍ CNBC, a Meta Platforms spokesperson said:
We pursued a settlement as it’s in the best interest of our community and shareholders. Over the last three years, we revamped our approach to privacy and implemented a comprehensive privacy programme.
The settlement comes at a time when the multinational is wrestling with a list of headwinds that slit its profit in half (year-on-year) in its recent reported quarter (ប្រភព). Still, Evercore’s Mark Mahaney remains convinced that the Meta stock is a great pick for 2023.
Meta stock could gain 45% in 2023
Last month, Meta Platforms said it plans on lowering its headcount by 13% to cut costs in the midst of a challenging macroeconomic environment (អានបន្ថែម).
Then just days ago, Andrew Bosworth – its Chief Technology Officer បាននិយាយថា: the tech giant won’t spend more than 20% on its “metaverse” push. That commitment to managing costs, as per Mahaney, could see its shares return to $170 in 2023.
I get the sense that they’re more cost conscious, and that’s a good thing for investors.
Bank of America analysts also dub the ភាគហ៊ុនមេតា their “top recession stock” for the coming year.
Source: https://invezz.com/news/2022/12/23/buy-meta-stock-on-725-million-settlement/