What Happened
As of 8 p.m. ET Saturday, Meta, with a market cap of $364.64 billion, has moved to the 11th position among companies with top market cap, data from companiesmarketcap.com shows. Visa Inc. stock is at the 10th position, with a market valuation of $374.38 billion.Apple Inc. is the most valuable company in the world, with a market valuation of nearly $2.22 trillion.
Meta CEO Mark Zuckerberg announced plans to reorganize teams and trim headcount for the first time ever, according to a report by Bloomberg.
Why It’s Important
Meta’s market cap hit its highest level on Sept. 1, 2021, when it peaked at slightly over $1.07 trillion. A financial market rout following U.S. Fed’s aggressive rate hikes to control inflation took a heavy toll on tech stocks this year.Meta shares lost over 59 percent since the beginning of 2022.
In the same time period, shares of Exxon Mobil gained over 39 percent supported by a rise in oil prices due to the Russia–Ukraine war and the global energy shortage.
In the second quarter, the company generated earnings of $17.9 billion as against $4.69 billion in the same period last year. Cash flow from operating activities stood at $20 billion.
The company attributed the higher numbers to increased production, higher realizations and margins, and aggressive cost control.
