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Facebook Parent Meta Sheds $200bn In Stock Plummeta




Facebook’s parent firm Meta on Thursday plunged over $200 billion in stock value — comparable to the size of New Zealand’s economy — after results that raised doubts about the troubled social media giant’s future.

In addition to costs of big investments on its metaverse vision for the internet and trouble for its core ads business, the firm predicted slower growth and even reported its first dip in daily users globally on the signature Facebook platform.

Facebook has long been marked by an insatiable push for growth, and now has nearly two billion daily users, but the results laid bare the challenges facing the social media giant on several fronts.

Shares have been down about 25 percent since shortly after the opening in New York, resulting in a more than $200 billion hit to the company’s market value.

“It was a disaster quarter for Facebook and clearly they have some major headwinds over the next year,” Wedbush’s Dan Ives said.

Facebook founder Mark Zuckerberg had some $25 billion in value wiped from his personal holding by the rout on Wall Street, according to filings on the company stock he owns.

Risk of not growing

Meta, which also owns Instagram and WhatsApp, has noted that it faces fierce competition for young users from the likes of explosively growing short-form video platform TikTok.

Ahead of results, analysts expected 1.95 billion daily active users on Facebook, but Meta reported 1.93 billion — a key indicator for where the platform is headed.

On the financial side, Meta reported a turnover of $33.67 billion, in line with its forecasts, but it made $10.3 billion in net profit in the fourth quarter, eight percent less than last year.

Investors also recoiled at Facebook’s report of losing roughly one million daily users globally between the last two quarters of 2021 — a fraction of the total but a potential signal of stagnation.

“It’s the first time the user base is shrinking,” said analyst Adam Sarhan from 50 Park Investment. “If the company is not growing, then it’s a complete reset for investors.”

It is essential to note Meta is a still massive and growing on the whole — as 2021 closed, 2.8 billion people used one of its four platforms and messenger services at least once a day, and 3.6 billion at least once a month.

One way out of Meta’s troubles would be to acquire the next big thing in social media, as it has done previously.

But the company is under considerable scrutiny from US regulators after the damning allegations that emerged from its whistleblower crisis last year.

The internal documents leaked by ex-worker Frances Haugen highlighted accusations that executives prioritized growth over keeping their billions of users safe.

However, Thursday’s dramatic sell-off is the latest to confront a Big Tech firm after a similar liquidation of Netflix shares last month, though the streaming giant has somewhat rebounded since.

Other tech giants such as Apple and Google parent Alphabet have rallied after results — though they both recently posted excellent numbers that calmed jittery markets.

Stocks have risen the last four days as the markets try to rebound from a bruising January pressured by worries over shifting US Federal Reserve policy and uncertainty over the crisis in Ukraine.

But the sharp fall in Meta and some other tech names “is raising doubts about the sustainability of the broader rebound effort,” said analyst Patrick O’Hare.

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It’s 7 Star Performance for Chain Reactions at 2024 SABRE Awards







It was a seven-star performance for Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancy as it took home seven African SABRE trophies, more than any other public relations firm in Africa in the 2024 competition.
The awards which were held at the end of the annual African Public Relations Association (APRA) Conference, were presented by Provoke Media, organisers of the awards in Basam, Abidjan, Cote D’Ivore on May 16th 2024.
The work covered campaigns for the Lagos Metropolitan Area Transport Authority (LAMATA), and its Lagos Blue Rail, 9mobile’s The Hack – Expand Your Hustle’, ‘Taming the Bull’ for the Presidency, ‘Next Era of Happiness’ for leading biscuit company, Pladis Foods Nigeria Limited.
Receiving the awards on behalf of Chain Reactions and its clients, was its Managing Director/Chief Strategist, Israel Opayemi, who noted that this is a seven-star performance by Chain Reactions Africa at the 2024 SABRE Awards.
In his comments Opayemi said “to emerge as the highest winner at the 2024 edition of the award with seven SABRE Awards is humbling as well as exciting for us at Chain Reactions Africa. We are immensely proud to be honoured on such a global platform like the SABRE awards which is the holy grail of Public Relations globally as the awards programme is dedicated to benchmarking the best PR works across the globe.”
He continued, “I am making a three-fold dedication of these multiple trophies to our clients who believe in us, my team members who do the brave works relentlessly and our dear country Nigeria. Ten years ago, we were at the SABRE Awards in Miami, Florida in the United States watching and applauding as winners took turn on stage. Ten years ago, we were asking for a seat at the table. Today, we are sitting in creative resplendence at the head of the table. Today, we are flying the Nigerian flag on the global stage. We are now a territory of reckon and relevance in the global PR space.”
It seems winning awards is just a Chain Reactions thing, chuckled Arun Sudhaman CEO and Editor-in-Chief of Provoke Media, organizers of the SABRE Awards as Opayemi rose up seven times to receive the awards. The PR consultancy also picked up four Certificates of Excellence in recognition of its work launching the Nigerian Youth Trend Report 2024 known as ‘ARAMANDA’, ‘Next Era of Happiness’, ‘Lagos Blue Rail’, ‘The Hack – Expand Your Hustle’, and ‘Taming the Bull’.
In his reaction, President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR) described the awards by Chain Reactions Africa as “a harvest of honours for Nigeria”. He thanked the Chain Reactions Africa team for their outstanding works saying, “thank you for making us proud.”
Chain Reactions Africa has over the years won several prestigious SABRE awards and has been awarded more than 15 Certificates of Excellence. At last year’s award, the company won CEO of the Year category for the Lagos State Governor, Babajide Sanwo-Olu for use of public relations to tell the story of his administration’s achievements and scooped two Certificates of Excellence in the Corporate Image category for the ‘Momentum Campaign’ for Cellulant, a flagship payment solution provider; and ‘Marketing to Consumers’ category for ‘The #NaijaHighlandah Campaign’ for William Lawson’s, Scotch Whiskey brand.
The 2024 Africa SABRE Awards shortlist included more than 120 campaigns, selected from over 500 entries in this year’s competition, which recognises Superior Achievement in Branding, Reputation and Engagement. The campaigns were evaluated by a jury of industry leaders.

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Abuja Investments Company Limited Launches Automated System







In a significant stride toward modernization and efficiency, Ambassador Maureen P. Tamuno, Group Managing Director and CEO of Abuja Investments Company Limited (AICL) has unveiled an Automated Tollgate System for streamlining access control, security enhancement, and facilitation of smoother operations in Garki Ultra -Modern Market in the Federal Capital Territory.

According to Fatima Nadada, Head of Communications, AICL, the automated system will among other things provide: Smart Access Control; also, the new system employs cutting-edge technology to regulate entry and exit at the market gates by ensuring that only authorized individuals can access the premises.

“In addition, there is room for real-time monitoring of activities as market administrators can monitor activities at the gates in real time, allowing for prompt responses to any anomalies or security breaches.

 “Also, the system collects data on foot traffic, peak hours, and patterns. Thus, enabling informed decision-making by the management of the market, as well as efficient revenue collection, since it will improve automated payment processing, simplifies fee collection, reduce paperwork and enhance transparency.”

In her remarks at the event, Ambassador Tamuno expressed enthusiasm on the milestone and was optimistic that the automated system would not only empower market stakeholders but contribute to the growth of FCT’s economy.

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Bigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout









Reinforcing her commitment to a delightful consumer experience, Bigi Carbonated Soft Drinks, a leading brand from Rite Foods Limited, hosted 40 lucky fans to an impressive Easter celebration. This exciting Easter movie hangout took place at Silverbird Cinemas, Ikeja City Mall, Lagos, and featured a screening of the movie, “Beast of Two Worlds (Ajakaju)”.

The movie’s portrayal of traditional Nigerian society alongside its thrilling plot left the Bigi consumers thoroughly entertained. After the movie, the fans received exciting freebies and expressed their gratitude to the Bigi brand for this special Easter treat.

Biola Aransiola, Assistant Brand Manager, Bigi, commented on the event, highlighting Bigi’s dedication to showing appreciation to their consumers. “This movie hangout served as a way to celebrate Easter with our loyal fans and provide them with a truly extraordinary experience, all while enjoying the refreshing and diverse range of 13 Bigi flavours,” Aransiola stated.

Bigi Carbonated Soft Drinks has consistently demonstrated a strong commitment to consumer well-being. The brand actively connects with its audience by creating opportunities to fulfill their dreams and offering refreshment throughout their journeys. Bigi’s dedication to its consumers is further solidified through sponsorships of various initiatives, earning them prestigious awards such as the “Most Innovative Carbonated Soft Drink Brand of the Year” (2023), “Friendly Brand of the Year” (2023), and “Best Value for Money-Carbonated Soft Drink Brand” (2023), among others

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