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Business Matters: Meta's stock plunges after profit declines

Regulating future technology

03/02/2022 GMT

Meta's stock plunges after profit declines

BBC World Service - Business Matters, Meta's stock plunges after profit declines

Mixed fourth quarter financial results sent Facebook shares sinking

It's been a bad day for Big Tech. Shares in Facebook's parent company, Meta, dropped 20% in after-hours trading, following the release of its Q4 figures for the end of 2021 and its numbers for the whole calendar year. Meta wasn't the only big loser. Spotify shares were initially down 30% after their earnings release – and the period covered pre-dated the Joe Rogan controversy. After the initial shock, shares recovered some of their losses.

There's a warning from the global investment management firm BNY Mellon IM that some companies are missing out on potentially as much as three trillion dollars' worth of investment because they are not attracting female investors. Anne-Marie McConnon from BNY Mellon discusses their findings.

Also in the programme, we have a report from Wolverhampton - a city in the Black Country in England - so named for the pollution created by the mines, furnaces and factories of the past. It's one of 20 places which the UK government has announced will benefit from the so called Levelling Up money.

And - 20 years ago, America's National Football League introduced the Rooney Rule, in an attempt to increase the number of black and ethnic minority candidates hired to NFL coaching and executive positions. One black coach, Brian Flores, is now suing the league, alleging teams invited him for head coach job interviews purely to pad out their Rooney Rule statistics. Jeremi Duru is a law professor at the American University in Washington DC, helped draw up the Rooney Rule, and gives us his reaction to the lawsuit.

Fergus Nicoll is joined by Sharon Bretkelly in Auckland, New Zealand and Ralph Silva in Toronto.

PHOTO: Getty Images

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