META Earnings Breakdown + The Era of Dividends

Ahoy Metamates! 🚢 🏴‍☠️

A loooooooooong issue aways you this week because analyzing this earnings was fairly intense.

Mark’s Goya Moment: The Death of the PM

Google may have put PMs on the map, but Meta has always been the gold standard. Until COVID ruined it for everyone. A mass hiring spree opened the gates to anyone and everyone with an MBA and three brain cells to rub together. Meta became slower, more bureaucratic - and slowly, the OG PMs started filing out for Director and VP roles at late stage private companies.

Two things changed last year:

• A lot of PM/ TPM roles got eliminated

• The competent people who left during COVID got asked to come home to Meta

Mark wants Meta to go back to 2008 - an eng driven execution culture, with very few, extremely cutthroat PMs. The industry will follow. Why? Because Meta’s stock is heavily in favor with analysts and every company’s operating model will be compared to it.

Product Management’s about to become an exotic profession.

The Earnings DEEP Dive

It’s never taken me so long to digest an earnings call - the TLDR is: I’m not great at knowing what to say at funerals. This call was the death of Facebook and the true day 1 for Meta. I was bullish on META before, but holy f***ing sh*t, this is a new era.

This issue is the longest one to date:

1. Stock Analyst take: JP Morgan, BofA, Morgan Stanley and Barclays

2. What the dividend means for your RSUs

3. Hold/ Sell - what do you do with your stock from here?

4. Meta 2.0: Business Messaging, AI and Metaverse

5. No more Blue DAU/ MAU

6. Institutional market reaction so far

7. Why Meta won’t be Goldman’s b*tch like every other public co

8. Apple and Google will become irrelevant to Meta

BUT FIRST -

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