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Facebook beats Twitter: Jefferies

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San Francisco, Aug 26: Though Twitter is a favourite place for US President Donald Trump to reach his audience, it has lost out to Facebook as Wall Street firm Jefferies slashed its investment rating on Twitter to neutral from buy.

Jefferies also cut Twitter’s price target by $4, from $20 to $16 a share.

According to a report in Investopedia on Friday, Jefferies analyst Brent Thill argued that while Twitter has broad user engagement, it was having a hard time monetising it.

“In social (media) we see a clear winner in FB (Facebook),” Thill was quoted as saying.

According to Thill, the price target could fall fyrther, another four per cent.

Twitter’s shares rose only up a little more than one per cent in 2017 while the Facebook stocks rose over 40 per cent.

Unlike Twitter, Facebook has had no trouble to grow its user base and make money from advertising in the second quarter (Q2).

In Q2, the micro-blogging site’s revenue was down five per cent to $574 million. Also, its monthly active user base showed a stagnation.

In an effort to attract advertisers, Twitter collaborated with several media houses to broadcast programmes and sports events live. But even that has not paid off as Facebook offers a stronger digital video propositions.

“We will pay close attention to advertiser sentiment over coming months and effectiveness of live video,” Thill noted.

IANS

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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