META Earnings Breakdown + The Era of Dividends

Meta kills off Facebook, Dividends and Stock explained

Ahoy Metamates! šŸš¢ šŸ“ā€ā˜ ļø

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

Markā€™s Goya Moment: The Death of the PM

Saturn Devouring His Son - Francisco Goya

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 Metaā€™s stock is heavily in favor with analysts and every companyā€™s operating model will be compared to it.

Product Managementā€™s about to become an exotic profession.

The Earnings DEEP Dive

My level of overwhelm after this earnings call

Itā€™s never taken me so long to digest an earnings call - the TLDR is: Iā€™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 wonā€™t be Goldmanā€™s b*tch like every other public co

  8. Apple and Google will become irrelevant to Meta

BUT FIRST -

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