Meta Plunges on Q3 Earnings Miss, Elon Musk Nears Twitter Deal & Previewing Apple’s Upcoming Results 10/27/22

TechCheck

CNBC

Business, Technology, Management, Disruptors, Investing, Tech, Cnbc, Faang

4.5 • 66 Ratings

🗓️ 27 October 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with Julia Boorstin and Platformer News Founder Casey Newton taking a deep dive into Meta’s Q3 earnings miss and Elon Musk nearing a deal to buy Twitter. Then, CNBC’s Steve Kovach and Cowen Managing Director Krish Sankar preview Apple’s results after the bell, and Bernstein analyst Mark Shmulik joins for a closer look at Mark Zuckerberg’s investments in the metaverse. Later, CNBC’s Kate Rooney reports on high-net-worth individuals finding buying opportunities in crypto, and CNBC’s Kristina Partsinevelos covers chipmakers that stand to benefit from increased spending on the metaverse. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm John Ford. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:08.4	Good Thursday morning. Welcome to Tech Check. I'm Carl Kingtonia with your DeVosso, John Ford, Julia Borsden.
0:13.4	Today, another volatile week for the NASDAQ as Big Tech again underperforms. First, it was Microsoft, Google,
0:19.6	and, of course, now meta, plunging after results this morning.
0:23.0	Mark Zuckerberg bets billions on the Metaverse. Investors wonder if the weakness will continue
0:27.4	tonight with Amazon and Apple. Got to start that with meta, the biggest laggard on the NDX this
0:32.2	morning, Julia, talk a bit about the operating expense guide and also I guess the silver lining some argue in that
0:39.3	is that engagement continues to be somewhat robust.
0:43.9	Yeah, I mean, first the good news before we get to the bad and the ugly. Yes, engagement is robust.
0:48.5	Mark Zuckerberg said that he thinks they're making gains in terms of market share with TikTok,
0:53.5	which is I think a big surprise to many. And then in terms of making money from reels, he says they're making gains in terms of market share with TikTok, which is, I think, a big surprise
0:54.9	to many. And then in terms of making money from Reels, he says they're making progress there
0:59.3	and see more potential ahead. But the bad and the ugly is the fact that not only are they losing
1:04.2	a lot of money on this Metaverse division, but they expect to lose even more money on this
1:09.1	Reality Labs division. That's what's behind the
1:11.8	Metaverse next year. And they're really not backing off. I mean, Brad Gersner said it's time
1:16.8	to focus on the fundamentals, which is the ad business and spend much less on the Metaverse
1:22.0	division. But Mark Zuckerberg is sticking to his commitment to invest in a metaverse company
1:28.8	and sort of talking about it is making meta less reliant on his relationship with Apple.
1:34.0	But John here, I think he must be feeling pretty vindicated to see that the metaverse bets
1:40.9	are not being received so well by Wall Street.
1:44.6	Well, Julia, it's not so much that I'm trying to say whether the metaverse is going to
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