Hot Minute News: Meta, Meal Deals and Ed Westwick

Why have shares in Meta tanked this week? Are there bleak horizons in the metaverse? Find out as we cover the three big stories of the week.

  • At number three, Google’s parent company Alphabet has reported disappointing quarterly earnings, as it continues to battle a sharp slowdown in online advertising. Alphabet brought in $13 billion profit in Q3 – that’s 27% down from a year earlier. 

  • At number two, Tesco has raised the price of its meal deal for the first time in 10 years, as food costs soar. A meal deal will now cost £3.40 for Tesco Clubcard members after more than 10 years being priced at £3.

  • And yes, at number one, Meta’s share price plummeted this week after it reported another quarter of declining revenues. Shares in Facebook’s parent company plunged 19% on Wednesday after the announcement, wiping $65bn off its market value. As well as the general economic slowdown, Meta is contending with Apple’s privacy policy changes and fierce competition from TikTok.

And in other breaking news, our first brand campaign with Ed Westwick is now live! You can check it out on all our social channels.

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Meet the authors

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James Ashoo

Senior Content Writer

James has been investing for over five years. His aim is to explain the hard stuff, easily! When he's not chewing your ear off about stocks and crypto, he'll most likely be telling bad jokes.

Harjas Singh

Harjas Singh

Chief Product Officer & Co-Founder

With a wealth of experience in fintech, Harjas is the man in the know when it comes to all things product. Investing features, chatting capabilities and thriving communities – he oversees all development on the Shares app!

Harry Harrison

Harry Harrison

Finance Writer

Harry is an experienced business writer, with a love for all things tech. In his free time, he enjoys reading, playing sport and winning at chess. He also loves posting inside the Shares app!