 Sheryl Sandberg and Mark Zuckerberg in Sun Valley, Idaho, 2021. | Kevin Dietsch/Getty Images Meta (Facebook) COO Sheryl Sandberg announced she is leaving the company in a Facebook post on Wednesday. Sandberg joined Facebook in 2008 after a chance encounter with founder and CEO Mark Zuckerberg at a holiday party. Sandberg will step down from her role as COO in the fall but will continue serving on Meta’s board of directors. More: - Sandberg noted she does not know what the future holds but plans to focus on her foundation and other philanthropic endeavors.
- Javier Olivan, who currently serves as Meta’s chief growth officer, will take Sandberg’s place.
- On a call with Bloomberg, Sandberg said the decision to leave the company wasn’t made lightly and does not reflect on how she feels about the company, adding she still believes in Meta and its future.
Zoom Out: - Meta has lost over 40% of its market value since the start of the year, pointing to changes in Apple’s privacy policy and macroeconomic challenges.
- The company changed its name to Meta last fall, highlighting its new focus on developing the metaverse virtual world.
- Meta’s Nasdaq ticker symbol will change from FB to META on June 9.
- Meta closed at $188.64 a share, down ~2.6% for the day.
| |
 President Biden with Janet Yellen and Fed Chairman Jerome Powell in the Oval Office on May 31, 2022. | Associated Press/Evan Vucci During a CNN appearance, U.S. Treasury Secretary Janet Yellen admitted she was wrong in 2021 about the path inflation would take. Yellen said there have been unanticipated and significant shocks to the economy that have boosted energy and food prices and created supply chain bottlenecks that have impacted the U.S. economy in ways that, at the time, she did not fully understand. More: - Last year, Yellen and Fed Chairman Jerome Powell said inflation was transitory and primarily due to the economy returning to normal following the COVID-19 pandemic.
- In March, consumer prices jumped by an 8.5% annual rate and eased slightly to 8.3% in April, well above the 2% target.
- In an op-ed piece in the Wall Street Journal on Monday, President Biden stressed his administration and the Fed are working to tackle inflation.
- Last month, the Fed announced a 0.50% interest rate hike and plans to start reducing its $9T balance sheet in June.
| |
 A message from YOTPO Considering email vs. text for your brand? The best mobile marketing strategy includes both. In this hyper-connected day and age, customers are everywhere. They’re shopping in-store and online, browsing on computers and mobile devices, and communicating via email and text. But no matter where they are, there’s one constant: they’re on the phones. We asked consumers which channel they prefer for brand communications: email or text? Their answer was both. Brands need to diversify their mobile communication strategy in order to reach the right customer with the right message at the right time. Find out why email and SMS are better together, and how you can use them in tandem to create a powerful mobile marketing experience that reaches every customer, everywhere, for maximum ROI. Read More
| |
 JPMorgan Chase CEO Jamie Dimon | Bloomberg via Getty Images During an appearance at a financial conference in New York, JPMorgan Chase CEO Jamie Dimon warned that an economic hurricane is on the horizon. He said the bank is bracing itself and being very conservative with its balance sheet. He urged analysts and investors at the conference to do the same. More: - Dimon pointed to the Fed’s quantitative tightening (QT) plan, which begins this month, as one of the sources of his concern.
- Starting June 1, the Fed will roll off $47.5B per month from its $9T balance sheet for the next three months – $30B in Treasuries and $17.5B in MBS.
- Starting in September, the amount would go up to $95B a month, $60B in Treasuries, and $35B in MBS.
- Dimon said the U.S. has never seen QT like this and added history books could be written about this for the next 50 years.
- Dimon also pointed to the ongoing war in Ukraine as a source of concern due to its impact on oil and food prices.
- Dimon said oil prices could potentially hit $150 or $175 a barrel.
| |
Capri Holdings Ltd. released its Q4 FY2022 earnings on Wednesday for the quarter ended April 2, beating analysts’ expectations. The parent of fashion brands Versace, Jimmy Choo, and Michael Kors reported total revenue was $1.49B, up 24.6% YoY. Net income was $81M or 54 cents a share, up from a net loss of $183M or $1.21 a share reported last year. More: - Versace reported $315M in revenue, up 34% YoY.
- Operating income was $50M, from $29M reported last year.
- Operating margin was 15.9%, from 12.3% reported last year.
- Jimmy Choo generated $156M in revenue, up 25.8% YoY.
- Operating loss was $15M, down from $18M reported last year.
- Operating margin narrowed to (9.6%) from (14.5%) reported last year.
- Michael Kors earned $1.02B in revenue, up 21.8% YoY.
- Operating income was $210M, up from $172M reported last year.
- Operating margin rose slightly to 20.6% from 20.5% reported last year.
- On Wednesday, the company’s board approved a new share repurchase program of up to $1B, about ~14% of the Capri’s market cap.
- For FY 2022, the company reported total revenue of $5.65B, up 39.1% YoY.
- Net income was $822M or $5.39 a share, up from a net loss of $62M reported last year.
- Capri shares closed at $49.27, up ~1% for the day.
| |
 A message from BAIRESDEV Hiring a Top 1% Development Team Shouldn't be Slow, Hard or Expensive. Spend only 30mins with us and we’ll give you a top 1% engineering remote team from LATAM. At BairesDev we provide 4.000+ LATAM Engineers to 200+ US Companies. We offer: - Remote engineering teams with the Top 1% of LATAM’s IT Talent (chosen from 1.6M/applicants/year)
- Vetted with several tests and 8+ hours of real-life-live coding technical interviews
- Our Customers Love Us ❤️ (91.2% Satisfaction Score + 70.3 NPS)
- 100% bilingual (tested!), same time zone⏱️
- Excellent communication and mindset … Our pros will feel like your team (or better!)
How to Start Your Hiring Process: 1️⃣ Schedule a Short call ☎️ (30 mins) 2️⃣ We send profiles based on your needs (in 3-7 days) 3️⃣ Test the ones you like with a 14 days “Working Interview” 4️⃣ You are only billed if you love ❤️ your new team after the working interview! Get up to $10,000 off your first contract for Inside Readers. Let's Talk
| |
Salesforce released its Q1 FY2023 earnings on Tuesday, beating analysts’ expectations across the board. The company reported total revenue of $7.41B, up 24% YoY. Subscription and support revenues came in at $6.86B, up 24% YoY. Professional services and other revenues were $0.56B, up 30% YoY. Net income was $28M or 3 cents a share, down from $469M reported last year. More: - Salesforce Service Cloud earned $1.76B in revenue, up 17% YoY.
- Its core Sales Cloud product earned $1.63B in revenue, up 18% YoY.
- In April, Salesforce launched the beta for its Sales Cloud, Service Cloud, and Marketing Cloud integrations for Slack.
- The company lowered its full FY2023 revenue guidance from $32.0B to $32.1B to now expecting $31.7B to $31.8B.
- It increased its adjusted EPS guidance from $4.74 to $4.76, up from $4.62 to $4.64.
- Salesforce shares jumped by 8% in after-market trading on Tuesday. It closed at $176.07 a share on Wednesday, up ~10% for the day.
| |
Quick Hits - 64% of companies used this channel to generate nearly half of their revenue – and it's not paid ads or content.*
- Authentic Brands Group (ABG), the company behind Forever21, Brooks Brothers, and Barney's New York, sent cease-and-desist letters to Elvis Presley impersonators in wedding chapels in Las Vegas to stop using the rock star's likeness, voice, and image. ABG owns the license for Elvis' name, likeness, and image. The Vegas wedding industry brings in about $2B a year.
- New England Sports Network, the media company behind Boston's Red Sox and Bruins teams, announced plans to launch a stand-alone streaming video service. The company plans to charge $29 a month or $329.99 a year for the service.
- General Motors unveiled its new electric concept car, the Buick Wildcat. The automaker is expecting to release its first Buick EV for the U.S. in 2024.
- The U.S. Supreme Court has blocked Texas from enforcing its new state law that aims to prohibit large social media platforms from suppressing users' posts based on the content of their speech. The court's order came on a 5-4 vote.
- China relaxed its zero-Covid policy in Shanghai on Tuesday after two months of lockdown, allowing the city of 25 million residents to move freely. Several residents celebrated their regained freedom with drinks and fireworks.
- Financial institutions are leaving workers behind. Find out if you're one of them.*
*This is a sponsored post.
| |
Upcoming Events - June 07 - June 08 - Cloud Innovation Summit: See what high-performance cloud app dev looks like. (Register Here) *
- June 09 - Empowering Content Creators with No Code (Register Here)
- June 15 - Need To Know NoCoder - Artem Harutyunyan (bardeen.ai) (Register Here)
- June 16 - Future of the Art Market (Register Here)
- June 30 - HR Strategies to Retain Remote Employees (Register Here)
- July 20 - Need To Know NoCoder - Yassine Tahi (Kinetix) (Register Here)
Check out https://inside.com/events to learn more! *This is a sponsored listing.
| |
 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
| |
| |
Comments
Post a Comment