Yahoo Finance Meta Platforms (META) Bring Edit Message Feature on WhatsApp
Meta Platforms META recently launched a new feature in WhatsApp, which allows users to edit their messages within 15 minutes after they’ve been sent.
This feature is ideal for users who want to correct a simple misspelling or want to add extra context to their message. Edited messages will be marked as edited, making the other user aware about the correction without showing edit history.
Meta started rolling out the new feature and plans to make it available globally in the coming weeks.
META’s Strong Family of Apps Portfolio to Aid Prospects
Shares of Meta have gained 106.4% year to date outperforming the Zacks Computer and Technology sector, which increased 27.4% in the same time frame.
Meta Platforms, Inc. Price and Consensus
Meta Platforms, Inc. price-consensus-chart | Meta Platforms, Inc. Quote
META banks on a strong product pipeline with increased engagement for its Family of Apps globally. It has been benefiting from significant investments and updates in Facebook, Instagram and WhatsApp, thereby driving its user base.
In first-quarter 2023, Monthly Active People or MAP in Family of Apps increased 5% year over year to 3.81 billion. Ad impressions delivered across Family of Apps increased 26% year over year.
Revenues from Family of Apps (98.8% of total revenues), which includes Facebook, Instagram, Messenger, WhatsApp and other services, moved up 4% year over year to $28.3 billion in first quarter of 2023.
Meta’s initiatives to offer more personalized features is noteworthy. Earlier this month, the company launched a new feature in WhatsApp, which protects user’s intimate conversations with an extra layer of security.
In April 2023, WhatsApp launched new abilities for users to pay directly to local businesses from WhatsApp chat in Brazil, while minimizing the hassle of managing different websites and apps for shopping and payments.
WhatsApp launched a new WhatsApp app for Windows desktop in March that loads faster and enables group video calls with up to eight people and audio calls with up to 32 people.
Meta Faces Stiff Competition
Intensifying competition for ad dollar is a major concern for Meta. It faces stiff competition from other social media players like Alphabet GOOGL, Amazon AMZN, and Snap SNAP.
In the ad space, Google continues to have a significant competitive edge, owing to its scale and diversified product offerings. YouTube and Snapchat offer tough competition as far as user growth is concerned.
The Snapchat+ subscription service reached more than 3 million paying subscribers in the first quarter 2023. The company made considerable progress in diversifying revenues with Snapchat+ and sponsored AR advertising.
Strength in Amazon’s online advertising business has benefitted the company in recent times.
However, this Zacks Rank #1 (Strong Buy) company has outperformed all its three competitors year to date. Shares of Alphabet, Amazon and Snap have gained 41.8%, 36.9% and 9.1% year to date, respectively. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 revenues has been pegged at $30.8 billion indicating a year over year growth of 6.87%. Earnings estimates have remained unchanged at $2.87 in the past 30 days.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
Alphabet Inc. (GOOGL) : Free Stock Analysis Report
Snap Inc. (SNAP) : Free Stock Analysis Report
Meta Platforms, Inc. (META) : Free Stock Analysis Report
