Meta’s Mega-Miss and The WNBA’s Big Score

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 3 February 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Facebook parent Meta delivered disappointing quarterly results, and its stock is taking a hit in response. CEO Mark Zuckerberg cited supply chain and inflation issues hitting advertiser budgets and fallout from Apple’s new iOS, but the stock still lost a fifth of its value overnight. Adam Singolda, founder and CEO of advertising platform Taboola, joins venture capitalist Kevin O’Leary to discuss Meta’s momentous miss, its metaverse ambitions, and Spotify’s path beyond the Joe Rogan controversy. Plus, the WNBA has scored its first capital raise, the largest ever for a women’s sports property; commissioner Cathy Engelbert and WNBA legend--and now investor--Swin Cash discuss the league’s courtside and digital future. In this episode: Kevin O’Leary, @kevinolearytv Swin Cash, @SwinCash Cathy Engelbert, @CathyEngelbert Adam Singolda, @AdamSingolda Mike Santoli, @michaelsantoli Melissa Lee, @MelissaLeeCNBC Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squawk Pod and I'm CNVC producer Cameron Costa.
0:08.0	Today in our podcast, MetaMeltdown.
0:11.0	The Facebook parent reported a rough quarter and it's taking other
0:15.1	tech stocks down with it. Valish investor Kevin O'Leary is crossing his fingers.
0:19.4	Yes, this is a horrific quarter, but I'd argue, if you listen to Zuckerberg's call yesterday,
0:25.2	he really trashed his own stock.
0:27.8	And I think it's setting up for quarters ahead
0:29.9	where he'll over-perform, hopefully.
0:31.9	What worked for Meta this quarter
0:33.6	and what really didn't, and what works for us as users.
0:37.5	What do they call the Doom scrolling, Doom scroll?
0:40.2	I think the point of Tik-Toc is it's not doom scrolling, right?
0:43.4	Isn't it just kind of distraction and silly stuff?
0:46.3	Plus, the women's national basketball association scoring the largest ever capital
0:51.7	raise for a women's sports property.
0:54.4	W.N.B.A. Commissioner Kathy Engelbert.
0:57.2	The next 25 years of the WMBA look very different.
1:00.7	Is a growth phase for us, and that's what these investors are buying into.
1:04.4	It's Wednesday, February 3rd, 2022. Squawk Pod begins right after this.
1:17.0	We're back with more Squack-Pod.
1:19.0	The big story on Wall Street today, the Meta-Meltdown. The Facebook parent unveiled a
	...

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