Facebook COO is stepping down: ‘it’s a loss’

0

Facebook COO is stepping down: ‘it’s a loss’

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Wajeeh Khan

on
Jun 2, 2022

Meta Platforms’ COO Sheryl Sandberg will exit the role this fall.

Rosenblatt’s Crockett discussed the news on CNBC Closing Bell.

Shares of the technology giant are down nearly 45% for the year.

Shares of Meta Platforms Inc (NASDAQ: FB) – formerly known as Facebook Inc – slid late on Wednesday after COO Sheryl Sandberg announced plans of stepping down.

Why is Sandberg leaving the company?

Sandberg cited a desire to focus on her philanthropic work as the reason for departure. Javier Olivan (currently the Chief Growth Officer) will assume her role this fall, but she’ll remain on Meta’s board of directors.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The 52-year-old executive served Facebook for fourteen years and played a key role in turning it into an advertising behemoth. On CNBC’s “Closing Bell”, Rosenblatt Securities’ Barton Crockett said:

Sandberg has clearly been one of the key executives, one of the key architects of Meta’s success. Her departure takes away someone who I think was a bright shining light on ad sales and the strategic approach. So, in that way, it’s a loss.

Crockett’s view on the Meta stock

The news comes at a time when Meta stock is being hammered on a slowdown in advertising, regulatory overhang, aftermath of Apple’s privacy changes, and the overall challenging macro environment. Crockett added:

I’m also concerned about the spending on the transition to metaverse that I don’t believe will generate returns that’s investable. The biggest issue is that they are losing audience on Facebook. So, I’m cautious on the stock.

The Rosenblatt expert has a neutral rating on FB that’s down nearly 45% for the year, at present. In April, Meta reported better-than-expected profit for its fiscal Q1.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
Capital.com

9.3/10

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Visit site

Industries


North America


Stocks & Shares


Technology


USA


World

Generated by Feedzy