Meta Reports First Quarter 2022 Results

 
 

Meta Platforms, Inc. (Nasdaq: FB) today reported financial results for the quarter ended March 31, 2022 .

 
 

  (PRNewsfoto/Meta) 

 
 

"We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock," said Mark Zuckerberg , Meta founder and CEO. "More people use our services today than ever before, and I'm proud of how our products are serving people around the world."

 

  First Quarter 2022 Financial Highlights  

 
 
                                                         
 
 

    Three Months Ended March 31,    

 
 
 

    Year-over-Year %
Change
 
 
 

 
 

    In millions, except percentages and per share amounts    

 
 

   2022   

 
 
 

   2021   

 
 
 

  Total revenue  

 

 

  $                  27,908  

 
 
 

  $                  26,171  

 
 
 

  7  %  

 
 

  Total costs and expenses  

 
 

  19,384  

 
 
 

  14,793  

 
 
 

  31  %  

 
 

  Income from operations  

 
 

  $                    8,524  

 
 
 

  $                  11,378  

 
 
 

  (25) %  

 
 

    Operating margin    

 
 

   31 %   

 
 
 

   43 %   

 
 
 
 

  Provision for income taxes  

 
 

  $                    1,443  

 
 
 

  $                    2,006  

 
 
 

  (28) %  

 
 

    Effective tax rate    

 
 

   16 %   

 
 
 

   17 %   

 
 
 
 

  Net income  

 
 

  $                    7,465  

 
 
 

  $                    9,497  

 
 
 

  (21) %  

 
 

  Diluted earnings per share (EPS)  

 
 

  $                      2.72  

 
 
 

  $                      3.30  

 
 
 

  (18) %  

 
 
 

 

 

  First Quarter 2022 Operational and Other Financial Highlights  

 
  •   Family daily active people (DAP) – DAP was 2.87 billion on average for March 2022 , an increase of 6% year-over-year.
  •  
  •   Family monthly active people (MAP) – MAP was 3.64 billion as of March 31, 2022 , an increase of 6% year-over-year.
  •  
  •   Facebook daily active users (DAUs) – DAUs were 1.96 billion on average for March 2022 , an increase of 4% year-over-year.
  •  
  •   Facebook monthly active users (MAUs) – MAUs were 2.94 billion as of March 31, 2022 , an increase of 3% year-over-year.
  •  
  •   Ad impressions and price per ad – In the first quarter of 2022, ad impressions delivered across our Family of Apps increased by 15% year-over-year and the average price per ad decreased by 8% year-over-year.
  •  
  •   Capital expenditures – Capital expenditures, including principal payments on finance leases, were $5.55 billion for the first quarter of 2022.
  •  
  •   Share repurchases – We repurchased $9.39 billion of our Class A common stock in the first quarter of 2022. As of March 31, 2022 , we had $29.41 billion available and authorized for repurchases.
  •  
  •   Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $43.89 billion as of March 31, 2022 .
  •  
  •   Headcount – Headcount was 77,805 as of March 31, 2022 , an increase of 28% year-over-year.
  •  

  CFO Outlook Commentary  

 

We expect second quarter 2022 total revenue to be in the range of $28 -30 billion. This outlook reflects a continuation of the trends impacting revenue growth in the first quarter, including softness in the back half of the first quarter that coincided with the war in Ukraine . Our guidance assumes foreign currency will be approximately a 3% headwind to year-over-year growth in the second quarter, based on current exchange rates.

 

In addition, as noted on previous calls, we continue to monitor developments regarding the viability of transatlantic data transfers and their potential impact on our European operations, and we are pleased with the progress on a political agreement.

 

We expect 2022 total expenses to be in the range of $87 -92 billion, lowered from our prior outlook of $90 -95 billion. We expect 2022 expense growth to be driven primarily by the Family of Apps segment, followed by Reality Labs.

 

We expect 2022 capital expenditures, including principal payments on finance leases, to be in the range of $29 -34 billion, unchanged from our prior estimate.

 

Absent any changes to U.S. tax law, we expect our full-year 2022 tax rate to be above the first quarter rate and in the high teens.

 

  Webcast and Conference Call Information  

 

Meta will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast of Meta's earnings conference call can be accessed at investor.fb.com , along with the earnings press release, financial tables, and slide presentation. Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg's Facebook Page ( facebook.com/zuck ) and Instagram account ( instagram.com/zuck ) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

 

Following the call, a replay will be available at the same website. A telephonic replay will be available for one week following the conference call at +1 (416) 626-4100 or +1 (800) 558-5253, conference ID 22016731.

 

Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.

 

  About Meta  

 

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

 

  Contacts  

 

Investors:
Deborah Crawford  
investor@fb.com / investor.fb.com  

 

Press:
Ryan Moore  
press@fb.com / about.fb.com/news/  

 

  Forward-Looking Statements  

 

This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of the ongoing COVID-19 pandemic and geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content review efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy and regulatory concerns; risks associated with acquisitions; security breaches; and our ability to manage growth and geographically-dispersed operations. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on February 3, 2022 , which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov . Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. In addition, please note that the date of this press release is April 27, 2022, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

 

  Non-GAAP Financial Measures  

 

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

 

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

 

We exclude the following items from our non-GAAP financial measures:

 

  Foreign exchange effect on revenue . We translated revenue for the three months ended March 31, 2022 using the prior year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

 

  Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.

 

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the "Reconciliation of GAAP to Non-GAAP Results" table in this press release.

 
 
                                                                                                                                         
 

    META PLATFORMS, INC.    

 

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME    

 

    (In millions, except per share amounts)    

 

    (Unaudited)    

 
 
 
 
 
 

    Three Months Ended March 31,    

 
 
 
 

   2022   

 
 
 

   2021   

 
 
 

    Revenue    

 
 

  $                   27,908  

 
 
 

  $                   26,171  

 
 
 

    Costs and expenses:    

 
 
 
 
 
 

  Cost of revenue  

 
 

  6,005  

 
 
 

  5,131  

 
 
 

  Research and development  

 
 

  7,707  

 
 
 

  5,197  

 
 
 

  Marketing and sales  

 
 

  3,312  

 
 
 

  2,843  

 
 
 

  General and administrative  

 
 

  2,360  

 
 
 

  1,622  

 
 
 

    Total costs and expenses    

 
 

  19,384  

 
 
 

  14,793  

 
 
 

    Income from operations    

 
 

  8,524  

 
 
 

  11,378  

 
 
 

  Interest and other income, net  

 
 

  384  

 
 
 

  125  

 
 
 

  Income before provision for income taxes  

 
 

  8,908  

 
 
 

  11,503  

 
 
 

  Provision for income taxes  

 
 

  1,443  

 
 
 

  2,006  

 
 
 

    Net income    

 
 

  $                     7,465  

 
 
 

  $                     9,497  

 
 
 

    Earnings per share attributable to Class A and Class B common stockholders:    

 
 
 
 
 
 

  Basic  

 
 

  $                       2.74  

 
 
 

  $                       3.34  

 
 
 

  Diluted  

 
 

  $                       2.72  

 
 
 

  $                       3.30  

 
 
 

    Weighted-average shares used to compute earnings per share attributable to    

 
 
 
 
 
 

    Class A and Class B common stockholders:    

 
 
 
 
 
 

  Basic  

 
 

  2,725  

 
 
 

  2,847  

 
 
 

  Diluted  

 
 

  2,742  

 
 
 

  2,882  

 
 
 

    Share-based compensation expense included in costs and expenses:    

 
 
 
 
 
 

  Cost of revenue  

 
 

  $                        160  

 
 
 

  $                        118  

 
 
 

  Research and development  

 
 

  1,941  

 
 
 

  1,408  

 
 
 

  Marketing and sales  

 
 

  216  

 
 
 

  174  

 
 
 

  General and administrative  

 
 

  181  

 
 
 

  130  

 
 
 

    Total share-based compensation expense    

 
 

  $                     2,498  

 
 
 

  $                     1,830  

 
 
 
 

 

 
 
                                                                                                                                         
 

    META PLATFORMS, INC.    

 

    CONDENSED CONSOLIDATED BALANCE SHEETS    

 

    (In millions)    

 

    (Unaudited)    

 
 
 

    March 31, 2022    

 
 
 

    December 31, 2021    

 
 

    Assets    

 
 
 
 
 

  Current assets:  

 
 
 
 
 

  Cash and cash equivalents  

 
 

  $                  14,886  

 
 
 

  $                  16,601  

 
 

  Marketable securities  

 
 

  29,004  

 
 
 

  31,397  

 
 

  Accounts receivable, net  

 
 

  11,390  

 
 
 

  14,039  

 
 

  Prepaid expenses and other current assets  

 
 

  3,985  

 
 
 

  4,629  

 
 

  Total current assets  

 
 

  59,265  

 
 
 

  66,666  

 
 

  Equity investments  

 
 

  6,775  

 
 
 

  6,775  

 
 

  Property and equipment, net  

 
 

  61,582  

 
 
 

  57,809  

 
 

  Operating lease right-of-use assets  

 
 

  12,241  

 
 
 

  12,155  

 
 

  Intangible assets, net  

 
 

  910  

 
 
 

  634  

 
 

  Goodwill  

 
 

  19,923  

 
 
 

  19,197  

 
 

  Other assets  

 
 

  3,522  

 
 
 

  2,751  

 
 

    Total assets    

 
 

  $                164,218  

 
 
 

  $                165,987  

 
 
 
 
 
 

    Liabilities and stockholders' equity    

 
 
 
 
 

  Current liabilities:  

 
 
 
 
 

  Accounts payable  

 
 

  $                    3,246  

 
 
 

  $                    4,083  

 
 

  Partners payable  

 
 

  935  

 
 
 

  1,052  

 
 

  Operating lease liabilities, current  

 
 

  1,159  

 
 
 

  1,127  

 
 

  Accrued expenses and other current liabilities  

 
 

  15,226  

 
 
 

  14,312  

 
 

  Deferred revenue and deposits  

 
 

  520  

 
 
 

  561  

 
 

  Total current liabilities  

 
 

  21,086  

 
 
 

  21,135  

 
 

  Operating lease liabilities, non-current  

 
 

  12,894  

 
 
 

  12,746  

 
 

  Other liabilities  

 
 

  7,010  

 
 
 

  7,227  

 
 

  Total liabilities  

 
 

  40,990  

 
 
 

  41,108  

 
 

  Commitments and contingencies  

 
 
 
 
 

  Stockholders' equity:  

 
 
 
 
 

  Common stock and additional paid-in capital  

 
 

  57,512  

 
 
 

  55,811  

 
 

  Accumulated other comprehensive loss  

 
 

  (1,996)  

 
 
 

  (693)  

 
 

  Retained earnings  

 
 

  67,712  

 
 
 

  69,761  

 
 

  Total stockholders' equity  

 
 

  123,228  

 
 
 

  124,879  

 
 

    Total liabilities and stockholders' equity    

 
 

  $                164,218  

 
 
 

  $                165,987  

 
 
 

 

 
 
                                                                                                                                                                                   
 

    META PLATFORMS, INC.    

 

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS    

 

    (In millions)    

 

    (Unaudited)    

 
 
 

    Three Months Ended March 31,    

 
 
 

   2022   

 
 
 

   2021   

 
 

    Cash flows from operating activities    

 
 
 
 
 

  Net income  

 
 

  $                    7,465  

 
 
 

  $                    9,497  

 
 

  Adjustments to reconcile net income to net cash provided by operating activities:  

 
 
 
 
 

  Depreciation and amortization  

 
 

  2,156  

 
 
 

  1,972  

 
 

  Share-based compensation  

 
 

  2,498  

 
 
 

  1,830  

 
 

  Deferred income taxes  

 
 

  (563)  

 
 
 

  418  

 
 

  Other  

 
 

  (221)  

 
 
 

  (66)  

 
 

  Changes in assets and liabilities:  

 
 
 
 
 

  Accounts receivable  

 
 

  2,557  

 
 
 

  849  

 
 

  Prepaid expenses and other current assets  

 
 

  573  

 
 
 

  (461)  

 
 

  Other assets  

 
 

  (108)  

 
 
 

  (10)  

 
 

  Accounts payable  

 
 

  (882)  

 
 
 

  (250)  

 
 

  Partners payable  

 
 

  (105)  

 
 
 

  (72)  

 
 

  Accrued expenses and other current liabilities  

 
 

  763  

 
 
 

  (1,681)  

 
 

  Deferred revenue and deposits  

 
 

  (52)  

 
 
 

  6  

 
 

  Other liabilities  

 
 

  (5)  

 
 
 

  210  

 
 

    Net cash provided by operating activities    

 
 

  14,076  

 
 
 

  12,242  

 
 

    Cash flows from investing activities    

 
 
 
 
 

  Purchases of property and equipment  

 
 

  (5,441)  

 
 
 

  (4,303)  

 
 

  Proceeds relating to property and equipment  

 
 

  126  

 
 
 

  31  

 
 

  Purchases of marketable securities  

 
 

  (4,068)  

 
 
 

  (6,231)  

 
 

  Sales of marketable securities  

 
 

  5,065  

 
 
 

  1,650  

 
 

  Maturities of marketable securities  

 
 

  402  

 
 
 

  3,981  

 
 

  Acquisitions of businesses and intangible assets  

 
 

  (853)  

 
 
 

  

 
 

  Other investing activities  

 
 

  (10)  

 
 
 

  (2)  

 
 

    Net cash used in investing activities    

 
 

  (4,779)  

 
 
 

  (4,874)  

 
 

    Cash flows from financing activities    

 
 
 
 
 

  Taxes paid related to net share settlement of equity awards  

 
 

  (925)  

 
 
 

  (1,077)  

 
 

  Repurchases of Class A common stock  

 
 

  (9,506)  

 
 
 

  (3,939)  

 
 

  Principal payments on finance leases  

 
 

  (233)  

 
 
 

  (151)  

 
 

  Net change in overdraft in cash pooling entities  

 
 

  20  

 
 
 

  (50)  

 
 

  Other financing activities  

 
 

  (16)  

 
 
 

  32  

 
 

    Net cash used in financing activities    

 
 

  (10,660)  

 
 
 

  (5,185)  

 
 

  Effect of exchange rate changes on cash, cash equivalents, and restricted cash  

 
 

  (149)  

 
 
 

  (246)  

 
 

  Net increase (decrease) in cash, cash equivalents, and restricted cash  

 
 

  (1,512)  

 
 
 

  1,937  

 
 

  Cash, cash equivalents, and restricted cash at beginning of the period  

 
 

  16,865  

 
 
 

  17,954  

 
 

    Cash, cash equivalents, and restricted cash at end of the period    

 
 

  $                  15,353  

 
 
 

  $                  19,891  

 
 
 
 
 
 

    Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    

 
 
 
 
 

  Cash and cash equivalents  

 
 

  $                  14,886  

 
 
 

  $                  19,513  

 
 

  Restricted cash, included in prepaid expenses and other current assets  

 
 

  294  

 
 
 

  257  

 
 

  Restricted cash, included in other assets  

 
 

  173  

 
 
 

  121  

 
 

    Total cash, cash equivalents, and restricted cash    

 
 

  $                  15,353  

 
 
 

  $                  19,891  

 
 
 

 

 
 
                                                                    
 

    META PLATFORMS, INC.    

 

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS    

 

    (In millions)    

 

    (Unaudited)    

 
 
 
 
 
 
 

    Three Months Ended March 31,    

 
 
 
 

   2022   

 
 
 

   2021   

 
 
 

    Supplemental cash flow data    

 
 
 
 
 
 

  Cash paid for income taxes, net  

 
 

  $                        502  

 
 
 

  $                       2,907  

 
 
 

  Non-cash investing and financing activities:  

 
 
 
 
 
 

  Property and equipment in accounts payable and accrued expenses and other  

 
 

  $                     3,709  

 
 
 

  $                       2,198  

 
 
 

  current liabilities
 

 
 
 
 

  Acquisition of businesses in accrued expenses and other current liabilities and  

 
 

  $                          73  

 
 
 

  $                          118  

 
 
 

  other liabilities
 

 
 
 
 

  Settlement of convertible notes in exchange of equity securities in other  

 
 

  $                        131  

 
 
 

  $                            —  

 
 
 

  current assets
 

 
 
 
 

  Other current assets through financing arrangement in accrued expenses and  

 
 

  $                        659  

 
 
 

  $                            —  

 
 
 

  other current liabilities
 

 
 
 
 

  Repurchases of Class A common stock in accrued expenses and other current  

 
 

  $                        221  

 
 
 

  $                         240  

 
 
 

  liabilities  

 
 
 
 
 

 

 

  Segment Results  

 

We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes augmented and virtual reality related consumer hardware, software, and content.

 

The following table presents our segment information of revenue and income (loss) from operations. For comparative purposes, amounts in the prior period have been recast:

 
 
                                                   
 

   Segment Information   

 

   (In millions)   

 

   (Unaudited)   

 
 
 

   Three Months Ended March 31,   

 
 
 

   2022   

 
 
 

   2021   

 
 

  Revenue:  

 
 
 
 
 

  Advertising  

 
 

  $                    26,998  

 
 
 

  $                    25,439  

 
 

  Other revenue  

 
 

  215  

 
 
 

  198  

 
 

  Family of Apps  

 
 

  27,213  

 
 
 

  25,637  

 
 

  Reality Labs  

 
 

  695  

 
 
 

  534  

 
 

  Total revenue  

 
 

  $                    27,908  

 
 
 

  $                    26,171  

 
 
 
 
 
 

  Income (loss) from operations:  

 
 
 
 
 

  Family of Apps  

 
 

  $                    11,484  

 
 
 

  $                    13,205  

 
 

  Reality Labs  

 
 

  (2,960)  

 
 
 

  (1,827)  

 
 

  Total income from operations  

 
 

  $                      8,524  

 
 
 

  $                    11,378  

 
 
 

 

 
 
                                                                   
 

    Reconciliation of GAAP to Non-GAAP Results    

 

    (In millions, except percentages)    

 

    (Unaudited)    

 
 
 

    Three Months Ended March 31,    

 
 
 

   2022   

 
 
 

   2021   

 
 

  GAAP revenue  

 
 

  $                  27,908  

 
 
 

  $                  26,171  

 
 

  Foreign exchange effect on 2022 revenue using 2021 rates  

 
 

  893  

 
 
 
 

  Revenue excluding foreign exchange effect  

 
 

  $                  28,801  

 
 
 
 

  GAAP revenue year-over-year change %  

 
 

  7%  

 
 
 
 

  Revenue excluding foreign exchange effect year-over-year change %  

 
 

  10%  

 
 
 
 

  GAAP advertising revenue  

 
 

  $                  26,998  

 
 
 

  $                  25,439  

 
 

  Foreign exchange effect on 2022 advertising revenue using 2021 rates  

 
 

  888  

 
 
 
 

  Advertising revenue excluding foreign exchange effect  

 
 

  $                  27,886  

 
 
 
 

  GAAP advertising revenue year-over-year change %  

 
 

  6%  

 
 
 
 

  Advertising revenue excluding foreign exchange effect year-over-year change %  

 
 

  10%  

 
 
 
 
 
 
 
 

  Net cash provided by operating activities  

 
 

  $                  14,076  

 
 
 

  $                  12,242  

 
 

  Purchases of property and equipment, net  

 
 

  (5,315)  

 
 
 

  (4,272)  

 
 

  Principal payments on finance leases  

 
 

  (233)  

 
 
 

  (151)  

 
 

  Free cash flow  

 
 

  $                    8,528  

 
 
 

  $                    7,819  

 
 
 

 

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/meta-reports-first-quarter-2022-results-301534680.html  

 

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FireFox Gold Provides an Exploration Update on its Sarvi and Mustajärvi Projects, Lapland, Finland

 

FireFox Gold Corp. (TSXV:FFOX) (OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to provide an update on exploration at its 100%-controlled Sarvi and Mustajärvi gold projects in Lapland, Finland. FireFox has drilled approximately 8,319m of diamond core to date in the 2021-2022 drill program on the Jeesiö, Mustajärvi, and Sarvi Projects, including the first 12 holes at Sarvi. This release includes a summary of drill results from the first five widely spaced holes across the northern section of the Sarvi target area (See Figure 1: https:bit.ly3MU7CQR

 

This program also includes new drilling at the Mustajärvi Project, where possible extensions to the high-grade shear-zone-hosted gold mineralization have been tested at the East Target and Gabbro Target. The new drilling includes 10 holes, five holes at the East Target and five holes at the Gabbro Target. Results are pending for all of these recent holes.

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How to Invest in Mobile Apps (Updated 2024)

The ubiquity of mobile devices and their prominence in everyday life has led to the development of mobile apps for everything from gaming and dating to banking and stock trading.

Mobile apps began rising to prominence in 2007 with the launch of the iPhone, which heralded a new era in connectivity brought about by revolutionary touch technology. The field has grown widely from thereon out, and the diversity of today’s offerings makes investing in mobile apps an appealing prospect.

With about 2.87 million apps in Google’s (NASDAQ: GOOGL) Google Play Store and around 1.96 million apps available in Apple’s (NASDAQ:AAPL) App Store, there is no shortage of app choices for mobile devices.

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Social Media Stocks: 5 Biggest Companies

The world’s largest social media platforms have revolutionized the way people connect on the internet, and the companies behind these platforms can offer major investment opportunities.

This year's strong rally in technology stocks, led by Meta Platforms (NASDAQ:FB), is a clear example of the huge presence social media companies have in the stock market. In late April, shares of the social media giant jumped 14.6 percent on higher-than-expected earnings. The news came alongside increasing investor confidence in the broader tech industry.

“Meta earnings show the company’s commitment to cost discipline while driving accelerating N-T revenue growth and also continuing to invest in longer-term transformational technologies like artificial intelligence (AI) and the metaverse,” said Doug Anmuth, an analyst at JPMorgan Chase (NYSE:JPM).

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BlackBerry Extends Partnership with Leading Managed Security Services Provider  to Ensure SMBs are Set Up for Cyber Success

BlackBerry Extends Partnership with Leading Managed Security Services Provider to Ensure SMBs are Set Up for Cyber Success

 
 

BlackBerry Limited (NYSE: BB; TSX: BB) and Solutions Granted today announced an extended partnership, naming the leading cybersecurity services provider a Master Managed Security Services Provider (MSSP), enabling it to better scale and meet the growing demand for cybersecurity services among small and medium-sized businesses (SMBs).

 
 

  BlackBerry Logo Black (PRNewsfoto/Blackberry Limited) 

 

"Solutions Granted has been honored as BlackBerry MSSP Partner of the Year for North America for five consecutive years and we're excited to take our partnership to the next level by crowning them as our top Master MSSP," said Adam Enterkin , Chief Revenue Officer, Americas, BlackBerry Cybersecurity. "BlackBerry is dedicated to increasing its focus on MSSP partners to ensure they're set up for success. Endpoints are proliferating, and so are the cyberattacks against them. Our extended partnership with Solutions Granted will help hundreds of small and mid-size businesses continuously adapt to an ever-changing threat landscape."

 

As a 'Master MSSP', Solutions Granted will be better positioned to help its own partners to deliver Managed Detection and Response (MDR) and other Managed Security Services to their mid-market and SMB clients.  In partnership with BlackBerry and heavily leveraging the Cylance® AI-powered portfolio, Solutions Granted helps thousands of clients secure their environments and prevent attacks. By working with Solutions Granted, MSSPs and managed service providers (MSPs) can offer industry leading managed security, without making the significant investment of building out their own security operations center (SOC).

 

  CylanceENDPOINT™ is among the solutions it helps managed service providers (MSPs) deploy to clients, either as individual managed services or integrated into a SOC-as-a-service offering.

 

"BlackBerry's support for our business model provides the flexibility we need to continue to meet customer demand and provide the best possible product support for their business needs," said Michael E. Crean , Chief Executive Officer, Solutions Granted. "We value the investment BlackBerry is making in our partnership and know this will go a long way in setting up our customers for success."

 

To learn more about BlackBerry MSSP Partners, visit blackberry.com/us/en/partners/mssp-partners .

 

  About BlackBerry  

 

 BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world.  The company secures more than 500M endpoints including over 215M vehicles.  Based in Waterloo, Ontario , the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust.

 

 BlackBerry. Intelligent Security. Everywhere.

 

For more information, visit BlackBerry.com and follow @BlackBerry.

 

  Trademarks, including but not limited to BlackBerry and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved.  All other trademarks are the property of their respective owners.  BlackBerry is not responsible for any third-party products or services.  

 

  About Solutions Granted Inc.  

 

Solutions Granted is a Master Managed Security Services Provider (Master MSSP). They offer cybersecurity solutions to North American MSPs and MSSPs and are committed to delivering solutions without requiring minimums, commitments, or long-term contracts. They proudly offer many security layers as well as a 24x7 U.S.-based Security Operations Center (SOC). Over the past several years, Solutions Granted has emerged as a clear leader in the channel, by winning countless awards including the CRN Security 100 list, Top 100 MSSP List, Top Global MSSP List, and BlackBerry MSSP Partner of the Year. Learn more at https://www.SolutionsGranted.com  

 

  Media Contacts:  

 

 BlackBerry Media Relations

 

+1 (519) 597-7273

 

  mediarelations@BlackBerry.com  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/blackberry-extends-partnership-with-leading-managed-security-services-provider-mssp-to-ensure-smbs-are-set-up-for-cyber-success-301803800.html  

 

SOURCE BlackBerry Limited

 
 

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BlackBerry's Quarterly Threat Intelligence Report Finds Banks, Healthcare Providers and Food Retailers are Top Targets for Cybercrime

BlackBerry's Quarterly Threat Intelligence Report Finds Banks, Healthcare Providers and Food Retailers are Top Targets for Cybercrime

 
 

   Geopolitical unrest positions key industries as targets for state-sponsored actors and financially motivated attacks   

 

BlackBerry Limited (NYSE: BB; TSX: BB) today released its latest Quarterly Global Threat Intelligence Report highlighting an increase in cyberattacks directed at financial institutions, food retailers and healthcare providers, with 60 percent of all attacks targeting these three key industries.

 

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Mobile Investing in Australia

After lagging behind for a prolonged period, Australia's tech sector is ramping up at an accelerated pace. The tech sector is now equivalent to 8.5 percent of the country's GDP as of the end of 2021, an increase of 26 percent since the onset of COVID-19 through June 2021 and a massive 79 percent increase over the past five years. Tech contributes AU$167 billion to the Australian economy, trailing only the mining (AU$205 billion) and financial/insurance (AU$169 billion) sectors.

Australia's characteristically resilient economy — which had not experienced a recession in nearly 30 years prior to COVID-19 lockdowns — has provided a sturdy backdrop for its growing tech sector. The growth in the tech sector’s contribution to the GDP has outpaced average growth of other industries by more than 400 percent, a gain partly attributable to accelerated digital technology adoption during the pandemic.

This dramatic expansion is largely in response to Australia's need to catch up to the rest of the world and assert itself in the global tech marketplace. Should the tech sector continue to grow at its current rate it will eventually surpass the relative GDP contribution of the long dominant mining sector. This will also complete the process of bringing Australia more in line with other western economies such as the UK, and notably Canada, which is comparable to Australia in terms of its dominant mining and agricultural industries.

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DGTL Holdings Completes Acquisition of Engagement Labs

DGTL Holdings Completes Acquisition of Engagement Labs

DGTL Holdings Inc. (TSXV: DGTL) (OTCQB: DGTHF) (WKN: A2QB0L) (FSE: D0G) ("DGTL Holdings") and Engagement Labs Inc. (TSXV: EL) ("Engagement Labs") are pleased to announce that DGTL has completed its previously announced acquisition of Engagement Labs by way of a plan of arrangement (the "Arrangement").

Transaction Details

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