The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Facebook parent Meta Platforms Inc shares soared on Wednesday as it reported quarterly daily active users above Wall Street estimates, even as it recorded its slowest revenue growth in a decade.
Shares of the company rose 13 percent in extended trading.
Daily active users, a key metric for advertisers that indicates activity on Facebook, were 1.96 billion, slightly higher that the estimate of 1.95 billion, according to IBES data from Refinitiv.
Meta has lost about half of its value since the start of the year, after a dismal February earnings when it reported a decline in Facebook’s daily active users for the first time and forecast a gloomy quarter, blaming factors including Apple’s privacy changes and increased competition from platforms like ByteDance’s TikTok.
ADVERTISEMENT
In these latest results, Meta forecast second-quarter revenue between $28 billion and $30 billion. Analysts on average were expecting current-quarter revenue of $30.63 billion.
Total revenue, the bulk of which comes from ad sales, rose 7 pecent to $27.91 billion in the first quarter, but missed analysts’ estimates of $28.20 billion, according to IBES data from Refinitiv.
Nivedita Balu; Editing by Sriraj Kalluvila
Learn more:
Can The Metaverse Transform Fashion Business Models?
There may be a better analogy than e-commerce to size up fashion’s metaverse opportunity: will it be more like streaming or 3D movies?
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.
Brands including LVMH’s Fred, TAG Heuer and Prada, whose lab-grown diamond supplier Snow speaks for the first time, have all unveiled products with man-made stones as they look to technology for new creative possibilities.
Social networks are being blamed for the worrying decline in young people’s mental health. Brands may not think about the matter much, but they’re part of the content stream that keeps them hooked.
After the bag initially proved popular with Gen-Z consumers, the brand used a mix of hard numbers and qualitative data – including “shopalongs” with young customers – to make the most of its accessory’s viral moment.