By Mr. Abhay Ray 
Introduction to Meta
Meta Platforms, Inc. doing business as Meta, and formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California. The company owns and operates Facebook, Instagram, threads and Whatsapp among other products and services.
Incorporation of Meta
In October 2021, Facebook rebranded to Meta to reflect all of its products and services across its family of apps and a focus on developing social experiences for the metaverse — moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.Facebook was rebranded to Meta on October 28, 2021 during the Connect 2021.s
Worldwide Location – The company has business presence across the Americas, Europe, the Middle East, Africa, and Asia-Pacific.
Mission and Vision of Meta
Mission:
Facebook mission is to give people the power to share and make the world more open and connected.It focuses on its influential role to make a difference in the clients it serves. Due to the changing landscapes of the social networking business, Facebook readjusted and redefined its mission statement in the past. Through these changes, the company has revealed how critical leaving an impact on societies is as a reputation sustaining model.After rebranding to Meta, its mission became, to give people the power to build community and bring the world closer together.
Vision:
Facebook’s vision statement emphasizes the platform’s role in helping people stay connected with friends and family, discover global happenings, and share what matters to them. It highlights the company’s influence in the social media sector, focusing on fostering social connections and the exchange of knowledge. Similarly, Meta’s vision for the metaverse envisions an interconnected 3D world that users experience for extended periods, blending entertainment and work, primarily through virtual reality (VR). Both statements reflect Meta’s goal of shaping how individuals interact, communicate, and experience the digital world
Founder details of Meta
Mark Elliot Zuckerberg is an American businessman who co-founded the social media service Facebook and its parent company Meta Platforms, of which he is the chairman, chief executive officer, and controlling shareholder.Zuckerberg was born on May 14, 1984, in White Plains, New York to psychiatrist Karen and dentist Edward Zuckerberg.Mark completed his high school at Ardsley High School and then transferred to Phillips Exeter Academy. Then he got admission to Harvard University in 2002 to study Psychology and Computer science. Mark did not stay for long at Harvard, as programming for Facebook started in 2003. He left the college while in the 2nd year of his degree.
Products and Services of Meta
The biggest production services for Meta in terms of customers and market share are Facebook and Instagram itself. They are both photo and video sharing platforms that allow users to interact with their friends, share stories and also follow celebrities online. Both Instagram and Facebook have more than two billion users as of now. The services generate huge revenue for meta by targeted advertising to the customers based on their social media data. The next biggest service provided by Meta platforms is WhatsApp Messenger. It is one of the most popular messaging applications all over the world with more than two billion active users. Users can text messages and voice messages along with sharing images, documents, etc. WhatsApp allows its users to have an end encrypted chatting in personal and group chats.Threads is a social media, microblogging service operated by Meta Platforms. Threads requires an Instagram account to use the service and features integration between the two platforms.
IPO Details
In mid-2005, Facebook raised $12.7 million in Venture capital and expanded access to hundreds of universities and high schools. In 2012, Facebook went public and became the most successful Internet initial public offering (IPO) in history when it raised $16 billion. That same year, Facebook bought the photo-sharing application Instagram.
Funding Round Details
|
Funding Date |
Share Class | Amount Raised | Key Investors |
|
18-05-2020 |
SeriesA-2 |
$249,999.00 | Betaworks Ventures, Gfr Fund, Jazz Venture Partners |
| 18-05-20202 | SeriesA-1 | $5MM |
Betaworks Ventures, Gfr Fund, Jazz Venture Partners |
| 10-10-2019 | Series seed-3 | $120,021.00 |
Bitkraft Esports Ventures, Crest Capital, Everblue Management, Klaas Kersting |
|
10-10-2019 |
Series seed-2 | $174,999.00 | Bitkraft Esports Ventures, Crest Capital,
Everblue Management, Klaas Kersting |
| 10-10-2019 | Series seed-1 | $1.99MM |
Bitkraft Esports Ventures, Crest Capital, Everblue Management, Klaas Kersting |
Acquisition of Meta
Meta has acquired dozens of companies over the years, including Instagram for $1 billion in 2012, WhatsApp for $22 billion in cash and shares in 2014, Oculus VR for $2 billion in 2014, and several other companies ranging from artificial intellegence (AI) to identification platforms.
Growth and Revenue of Meta
- Revenue – Revenue was $40.11 billion and $134.90 billion, an increase of 25% and 16% year-over-year for the fourth quarter and full year 2023, respectively. Had foreign exchange rates remained constant with the same periods of 2022, revenue would have been $816 million and $374 million lower, an increase of 22% and 15% on a constant currency basis for the fourth quarter and full year 2023, respectively.
- Costs and expenses – Total costs and expenses were $23.73 billion and $88.15 billion for the fourth quarter and full year 2023, a decrease of 8% and an increase of 1% year-over-year, respectively. Restructuring charges included in costs and expenses were $1.15 billion and $3.45 billion for the fourth quarter and full year 2023, respectively.
Recognition and Awards of Meta
In 2010, Facebook won the Crunchie “Best Overall Startup or Product” award for the third year in a row. April, 2021 – Facebook won its first Oscar at the 93rd Academy Awards for “Colette,” from the social giant’s Oculus Studios and EA’s Respawn Entertainment game studio. It was also the first project from the game industry to win an Oscar.
Conclusion
Meta Platforms Inc. has solidified its position as a tech giant with its impressive financial performance in 2023. The company’s significant revenue growth, soaring net income, and robust EPS reflect its strong business model and market dominance. With a high market capitalization and positive analyst predictions, Meta is well-positioned for continued success. Its strategic focus on emerging technologies like AI and the Metaverse is likely to further enhance its market standing.
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