Facebook Reports First Quarter 2021 Results

 
 

- Facebook, Inc. (Nasdaq: FB) today reported financial results for the quarter ended March 31, 2021.

 
 

  (PRNewsfoto/Facebook) 

 
 

"We had a strong quarter as we helped people stay connected and businesses grow," said Mark Zuckerberg , Facebook founder and CEO. "We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy."

 

  First Quarter 2021 Financial Highlights  

 
 
                                                                                       
 
 

   Three Months Ended March 31,   

 
 
 

   Year-over-Year %   

 
 
 

   In millions, except percentages and per share amounts   

 
 

   2021   

 
 
 

   2020   

 
 
 

   Change   

 
 

  Revenue:  

 
 
 
 
 
 
 

  Advertising  

 
 

  $  

 
 

  25,439  

 
 
 

  $  

 
 

  17,440  

 
 
 

  46%  

 
 

  Other  

 
 

  732  

 

 
 

  297  

 
 
 

  146%  

 
 

  Total revenue  

 
 

  26,171  

 
 
 

  17,737  

 
 
 

  48%  

 
 

  Total costs and expenses  

 
 

  14,793  

 
 
 

  11,844  

 
 
 

  25%  

 
 

  Income from operations  

 
 

  $  

 
 

  11,378  

 
 
 

  $  

 
 

  5,893  

 
 
 

  93%  

 
 

   Operating margin   

 
 

   43%   

 
 
 

   33%   

 
 
 
 

  Provision for income taxes  

 
 

  $  

 
 

  2,006  

 
 
 

  $  

 
 

  959  

 
 
 

  109%  

 
 

   Effective tax rate   

 
 

   17%   

 
 
 

   16%   

 
 
 
 

  Net income  

 
 

  $  

 
 

  9,497  

 
 
 

  $  

 
 

  4,902  

 
 
 

  94%  

 
 

  Diluted earnings per share (EPS)  

 
 

  $  

 
 

  3.30  

 
 
 

  $  

 
 

  1.71  

 
 
 

  93%  

 
 
 

 

 

  First Quarter 2021 Operational and Other Financial Highlights  

 
  •   Facebook daily active users (DAUs) – DAUs were 1.88 billion on average for March 2021 , an increase of 8% year-over-year.
  •  
  •   Facebook monthly active users (MAUs) – MAUs were 2.85 billion as of March 31, 2021, an increase of 10% year-over-year.
  •  
  •   Family daily active people (DAP) – DAP was 2.72 billion on average for March 2021 , an increase of 15% year-over-year.
  •  
  •   Family monthly active people (MAP) – MAP was 3.45 billion as of March 31, 2021, an increase of 15% year-over-year.
  •  
  •   Capital expenditures – Capital expenditures, including principal payments on finance leases, were $4 .42 billion for the first quarter of 2021.
  •  
  •   Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $64 .22 billion as of March 31, 2021.
  •  
  •   Headcount – Headcount was 60,654 as of March 31, 2021, an increase of 26% year-over-year.
  •  

  CFO Outlook Commentary  

 

We are pleased with the strength of our advertising revenue growth in the first quarter of 2021, which was driven by a 30% year-over-year increase in the average price per ad and a 12% increase in the number of ads delivered. We expect that advertising revenue growth will continue to be primarily driven by price during the rest of 2021.

 

We expect second quarter 2021 year-over-year total revenue growth to remain stable or modestly accelerate relative to the growth rate in the first quarter of 2021 as we lap slower growth related to the pandemic during the second quarter of 2020. In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to significantly decelerate sequentially as we lap periods of increasingly strong growth. We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recently-launched iOS 14.5 update, which we expect to begin having an impact in the second quarter. This is factored into our outlook.

 

There is also continuing uncertainty around the viability of transatlantic data transfers in light of recent European regulatory developments, and like companies across a wide range of industries, we are closely monitoring the potential impact on our European operations as these developments progress.

 

We expect 2021 total expenses to be in the range of $70 -73 billion, updated from our prior outlook of $68 -73 billion. The year-over-year growth in expenses is driven by investments in technical and product talent, infrastructure, and consumer hardware-related costs. We remain committed to investing for long-term growth and our expense outlook reflects the underlying strength of our business and the compelling investment opportunities we see across our products, including consumer hardware.

 

We expect 2021 capital expenditures to be in the range of $19 -21 billion, down from our prior estimate of $21 -23 billion. Our capital expenditures are driven primarily by our investments in data centers, servers, network infrastructure, and office facilities.

 

We continue to expect our full-year 2021 tax rate to be in the high-teens.

 

  Webcast and Conference Call Information  

 

Facebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast of Facebook's earnings conference call can be accessed at investor.fb.com , along with the earnings press release, financial tables, and slide presentation. Facebook uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg's Facebook Page ( https://www.facebook.com/zuck ) and Instagram account ( https://www.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 (402) 977-9140 or +1 (800) 633-8284, conference ID 21993135.

 

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

 

  About Facebook  

 

Founded in 2004, Facebook's mission is to give people the power to build community and bring the world closer together. People use Facebook's apps and technologies to connect with friends and family, find communities and grow businesses.

 

  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 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 the COVID-19 pandemic on our business and financial results; 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; risks associated with new products and changes to existing products as well as other new business initiatives; 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 January 28, 2021, 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, 2021. In addition, please note that the date of this press release is April 28, 2021, 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, 2021 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 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.

 
 
                                                                                                                                                                   
 

   FACEBOOK, INC.   

 
 
 

   CONDENSED CONSOLIDATED STATEMENTS OF INCOME   

 
 

   (In millions, except for per share amounts)   

 
 

   (Unaudited)   

 
 
 

   Three Months Ended March 31,   

 
 
 

   2021   

 
 
 

   2020   

 
 

   Revenue   

 
 

  $  

 
 

  26,171  

 
 
 
 

  $  

 
 

  17,737  

 
 
 

   Costs and expenses:   

 
 
 
 
 

  Cost of revenue  

 
 

  5,131  

 
 
 
 

  3,459  

 
 
 

  Research and development  

 
 

  5,197  

 
 
 
 

  4,015  

 
 
 

  Marketing and sales  

 
 

  2,843  

 
 
 
 

  2,787  

 
 
 

  General and administrative  

 
 

  1,622  

 
 
 
 

  1,583  

 
 
 

   Total costs and expenses   

 
 

  14,793  

 
 
 
 

  11,844  

 
 
 

   Income from operations   

 
 

  11,378  

 
 
 
 

  5,893  

 
 
 

  Interest and other income (expense), net  

 
 

  125  

 
 
 
 

  (32)  

 
 
 

  Income before provision for income taxes  

 
 

  11,503  

 
 
 
 

  5,861  

 
 
 

  Provision for income taxes  

 
 

  2,006  

 
 
 
 

  959  

 
 
 

   Net income   

 
 

  $  

 
 

  9,497  

 
 
 
 

  $  

 
 

  4,902  

 
 
 

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

 
 
 
 
 

  Basic  

 
 

  $  

 
 

  3.34  

 
 
 
 

  $  

 
 

  1.72  

 
 
 

  Diluted  

 
 

  $  

 
 

  3.30  

 
 
 
 

  $  

 
 

  1.71  

 
 
 

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

 
 
 
 
 

   Class A and Class B common stockholders:   

 
 
 
 
 

  Basic  

 
 

  2,847  

 
 
 
 

  2,851  

 
 
 

  Diluted  

 
 

  2,882  

 
 
 
 

  2,868  

 
 
 

   Share-based compensation expense included in costs and expenses:   

 
 
 
 
 

  Cost of revenue  

 
 

  $  

 
 

  118  

 
 
 
 

  $  

 
 

  94  

 
 
 

  Research and development  

 
 

  1,408  

 
 
 
 

  999  

 
 
 

  Marketing and sales  

 
 

  174  

 
 
 
 

  149  

 
 
 

  General and administrative  

 
 

  130  

 
 
 
 

  93  

 
 
 

   Total share-based compensation expense   

 
 

  $  

 
 

  1,830  

 
 
 
 

  $  

 
 

  1,335  

 
 
 
 

 

 
 
                                                                                                                                                                                                                                        
 

   FACEBOOK, INC.     

 
 
 

   CONDENSED CONSOLIDATED BALANCE SHEETS     

 
 

   (In millions)   

 
 

   (Unaudited)   

 
 
 
 
 

   March 31, 2021   

 
 
 

   December 31, 2020   

 
 

   Assets   

 
 
 
 
 

  Current assets:  

 
 
 
 
 
 

  Cash and cash equivalents  

 
 

  $  

 
 

  19,513  

 
 
 
 

  $  

 
 

  17,576  

 
 
 
 

  Marketable securities  

 
 

  44,706  

 
 
 
 

  44,378  

 
 
 
 

  Accounts receivable, net of allowances of $111 and $114 as of March 31, 2021  

 
 
 
 
 
 
 
 

  and December 31, 2020, respectively  

 
 

  10,276  

 
 
 
 

  11,335  

 
 
 
 

  Prepaid expenses and other current assets  

 
 

  2,827  

 
 
 
 

  2,381  

 
 
 
 
 

  Total current assets  

 
 

  77,322  

 
 
 
 

  75,670  

 
 
 

  Equity investments  

 
 

  6,342  

 
 
 
 

  6,234  

 
 
 

  Property and equipment, net  

 
 

  47,720  

 
 
 
 

  45,633  

 
 
 

  Operating lease right-of-use assets, net  

 
 

  10,202  

 
 
 
 

  9,348  

 
 
 

  Intangible assets, net  

 
 

  505  

 
 
 
 

  623  

 
 
 

  Goodwill  

 
 

  19,056  

 
 
 
 

  19,050  

 
 
 

  Other assets  

 
 

  2,376  

 
 
 
 

  2,758  

 
 
 

   Total assets   

 
 

  $  

 
 

  163,523  

 
 
 
 

  $  

 
 

  159,316  

 
 
 
 
 
 
 
 
 

   Liabilities and stockholders' equity   

 
 
 
 
 

  Current liabilities:  

 
 
 
 
 
 

  Accounts payable  

 
 

  $  

 
 

  878  

 
 
 
 

  $  

 
 

  1,331  

 
 
 
 

  Partners payable  

 
 

  1,006  

 
 
 
 

  1,093  

 
 
 
 

  Operating lease liabilities, current  

 
 

  1,040  

 
 
 
 

  1,023  

 
 
 
 

  Accrued expenses and other current liabilities  

 
 

  9,411  

 
 
 
 

  11,152  

 
 
 
 

  Deferred revenue and deposits  

 
 

  382  

 
 
 
 

  382  

 
 
 
 
 

  Total current liabilities  

 
 

  12,717  

 
 
 
 

  14,981  

 
 
 

  Operating lease liabilities, non-current  

 
 

  10,574  

 
 
 
 

  9,631  

 
 
 

  Other liabilities  

 
 

  6,575  

 
 
 
 

  6,414  

 
 
 
 
 

  Total liabilities  

 
 

  29,866  

 
 
 
 

  31,026  

 
 
 

  Commitments and contingencies  

 
 
 
 
 

  Stockholders' equity:  

 
 
 
 
 
 

  Common stock and additional paid-in capital  

 
 

  51,160  

 
 
 
 

  50,018  

 
 
 
 

  Accumulated other comprehensive income  

 
 

  154  

 
 
 
 

  927  

 
 
 
 

  Retained earnings  

 
 

  82,343  

 
 
 
 

  77,345  

 
 
 
 
 

  Total stockholders' equity  

 
 

  133,657  

 
 
 
 

  128,290  

 
 
 

   Total liabilities and stockholders' equity   

 
 

  $  

 
 

  163,523  

 
 
 
 

  $  

 
 

  159,316  

 
 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                              
 

   FACEBOOK, INC.   

 
 
 

   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   

 
 

   (In millions)   

 
 

   (Unaudited)   

 
 
 

   Three Months Ended March 31,   

 
 
 

   2021   

 
 
 

   2020   

 
 

   Cash flows from operating activities   

 
 
 
 
 

  Net income  

 
 

  $  

 
 

  9,497  

 
 
 
 

  $  

 
 

  4,902  

 
 
 

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

 
 
 
 
 

  Depreciation and amortization  

 
 

  1,972  

 
 
 
 

  1,597  

 
 
 

  Share-based compensation  

 
 

  1,830  

 
 
 
 

  1,335  

 
 
 

  Deferred income taxes  

 
 

  418  

 
 
 
 

  477  

 
 
 

  Other  

 
 

  (66)  

 
 
 
 

  6  

 
 
 

  Changes in assets and liabilities:  

 
 
 
 
 

  Accounts receivable  

 
 

  849  

 
 
 
 

  2,046  

 
 
 

  Prepaid expenses and other current assets  

 
 

  (461)  

 
 
 
 

  (29)  

 
 
 

  Other assets  

 
 

  (10)  

 
 
 
 

  (16)  

 
 
 

  Accounts payable  

 
 

  (250)  

 
 
 
 

  (44)  

 
 
 

  Partners payable  

 
 

  (72)  

 
 
 
 

  (169)  

 
 
 

  Accrued expenses and other current liabilities  

 
 

  (1,681)  

 
 
 
 

  980  

 
 
 

  Deferred revenue and deposits  

 
 

  6  

 
 
 
 

  (16)  

 
 
 

  Other liabilities  

 
 

  210  

 
 
 
 

  (68)  

 
 
 

   Net cash provided by operating activities   

 
 

  12,242  

 
 
 
 

  11,001  

 
 
 

   Cash flows from investing activities   

 
 
 
 
 

  Purchases of property and equipment  

 
 

  (4,272)  

 
 
 
 

  (3,558)  

 
 
 

  Purchases of marketable securities  

 
 

  (6,231)  

 
 
 
 

  (7,884)  

 
 
 

  Sales of marketable securities  

 
 

  1,650  

 
 
 
 

  2,764  

 
 
 

  Maturities of marketable securities  

 
 

  3,981  

 
 
 
 

  4,644  

 
 
 

  Other investing activities  

 
 

  (2)  

 
 
 
 

  (75)  

 
 
 

   Net cash used in investing activities   

 
 

  (4,874)  

 
 
 
 

  (4,109)  

 
 
 

   Cash flows from financing activities   

 
 
 
 
 

  Taxes paid related to net share settlement of equity awards  

 
 

  (1,077)  

 
 
 
 

  (690)  

 
 
 

  Repurchases of Class A common stock  

 
 

  (3,939)  

 
 
 
 

  (1,250)  

 
 
 

  Principal payments on finance leases  

 
 

  (151)  

 
 
 
 

  (100)  

 
 
 

  Net change in overdraft in cash pooling entities  

 
 

  (50)  

 
 
 
 

  (80)  

 
 
 

  Other financing activities  

 
 

  32  

 
 
 
 

  98  

 
 
 

   Net cash used in financing activities   

 
 

  (5,185)  

 
 
 
 

  (2,022)  

 
 
 

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

 
 

  (246)  

 
 
 
 

  (222)  

 
 
 

  Net increase in cash, cash equivalents, and restricted cash  

 
 

  1,937  

 
 
 
 

  4,648  

 
 
 

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

 
 

  17,954  

 
 
 
 

  19,279  

 
 
 

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

 
 

  $  

 
 

  19,891  

 
 
 
 

  $  

 
 

  23,927  

 
 
 
 
 
 
 

   Reconciliation of cash, cash equivalents, and restricted cash to the   condensed   

 
 
 
 
 

   consolidated balance sheets   

 
 
 
 
 

  Cash and cash equivalents  

 
 

  $  

 
 

  19,513  

 
 
 
 

  $  

 
 

  23,618  

 
 
 

  Restricted cash, included in prepaid expenses and other current assets  

 
 

  257  

 
 
 
 

  137  

 
 
 

  Restricted cash, included in other assets  

 
 

  121  

 
 
 
 

  172  

 
 
 

   Total cash, cash equivalents, and restricted cash   

 
 

  $  

 
 

  19,891  

 
 
 
 

  $  

 
 

  23,927  

 
 
 
 
 
 
 
 

   FACEBOOK, INC.   

 
 

   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   

 
 

   (In millions)   

 
 

   (Unaudited)   

 
 
 

   Three Months Ended March 31,   

 
 
 

   2021   

 
 
 

   2020   

 
 

   Supplemental cash flow data   

 
 
 
 
 

  Cash paid for income taxes  

 
 

  $  

 
 

  2,907  

 
 
 
 

  $  

 
 

  209  

 
 
 

  Non-cash investing and financing activities:  

 
 
 
 
 

  Property and equipment in accounts payable and accrued expenses and other  

 
 
 
 
 
 
 
 
 

  current liabilities  

 
 

  $  

 
 

  2,198  

 
 
 
 

  $  

 
 

  1,603  

 
 
 

  Acquisition of businesses in accrued expenses and other current liabilities and  

 
 
 
 
 
 
 
 
 

  other liabilities  

 
 

  $  

 
 

  118  

 
 
 
 

  $  

 
 

  148  

 
 
 

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

 
 
 
 
 
 
 
 
 

  liabilities  

 
 

  $  

 
 

  240  

 
 
 
 

  $  

 
 

  35  

 
 
 
 

 

 

 

 
 
                                                                                                   
 

   Reconciliation of GAAP to Non-GAAP Results   

 
 
 
 

   (In millions, except percentages)   

 
 

   (Unaudited)   

 
 
 
 

   Three Months Ended March 31,   

 
 
 
 
 

   2021   

 
 
 

   2020   

 
 

  GAAP revenue  

 
 
 

  $  

 
 

  26,171  

 
 
 

  $  

 
 

  17,737  

 
 

  Foreign exchange effect on 2021 revenue using 2020 rates  

 
 
 

  (706)  

 
 
 
 

  Revenue excluding foreign exchange effect  

 
 
 

  $  

 
 

  25,465  

 
 
 
 

  GAAP revenue year-over-year change %  

 
 
 

  48%  

 
 
 
 

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

 
 
 

  44%  

 
 
 
 

  GAAP advertising revenue  

 
 
 

  $  

 
 

  25,439  

 
 
 

  $  

 
 

  17,440  

 
 

  Foreign exchange effect on 2021 advertising revenue using 2020 rates  

 
 
 

  (695)  

 
 
 
 

  Advertising revenue excluding foreign exchange effect  

 
 
 

  $  

 
 

  24,744  

 
 
 
 

  GAAP advertising revenue year-over-year change %  

 
 
 

  46%  

 
 
 
 

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

 
 
 

  42%  

 
 
 
 
 
 
 
 
 

  Net cash provided by operating activities  

 
 
 

  $  

 
 

  12,242  

 
 
 

  $  

 
 

  11,001  

 
 

  Purchases of property and equipment  

 
 
 

  (4,272)  

 
 
 

  (3,558)  

 
 

  Principal payments on finance leases  

 
 
 

  (151)  

 
 
 

  (100)  

 
 

  Free cash flow  

 
 
 

  $  

 
 

  7,819  

 
 
 

  $  

 
 

  7,343  

 
 
 

 

 

 

 

 

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/facebook-reports-first-quarter-2021-results-301279518.html  

 

SOURCE Facebook

 
 

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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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