Wall Street Breakfast April 21: Meta Platforms Slides

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 21 April 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Meta Platforms slides as firm's checks say current quarter slowing worse than Q1. Netflix stock plummeted following earnings announcement. How much? Tesla's Elon Musk talks new robotaxi vehicle, higher prices and deliveries growth on conference call.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.1	Good morning. Today is Thursday, April 21st, and I'm your host Julie Morgan.
0:16.0	Our top stories, Meta Platforms, Netflix, and Tesla.
0:20.3	Why is Meta seeing a decline?
0:22.4	How did investors react to Wednesday's Netflix news?
0:25.6	And just how impressive is Tesla these days?
0:28.9	Let's talk about it.
0:30.3	Meta Platforms seeing a decline. Why? It seems to stem from one note from Cleveland
0:35.6	research. I said decline, so it was not a positive note. Cleveland research
0:40.0	indicates that current quarter business has tanked at Meta.
0:43.5	The firm has apparently cut its estimates well below street consensus
0:47.5	and it's all based on a slowdown of everything from its e-commerce efforts
0:51.5	to a breakdown in its targeting to share loss to rivals.
0:56.0	April business, no we aren't out of April just yet, but everything until now is even slower
1:01.3	than first quarter.
1:02.6	And yes, first quarter looks weak.
1:04.6	Meta will report its first quarter earnings in less than a week on April 27th.
1:09.6	Cleveland Research also says advertiser return on investment is weaker from inflation in
1:15.1	CPM rates. A drop in conversion rates and targeting changes and nearly half of
1:20.3	agencies are set to miss their ROI goal. But what about the adoption of reels? It's what all
1:26.6	the cool kids are doing, right? More about that under trending news at seeking Alpha.com.
	...

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