Shares of Meta plummeted on Wednesday after the company announced mixed results in its third-quarter earnings report, alongside billion-dollar losses in the division devoted to its ambitious “metaverse” project. The Facebook parent company beat analyst predictions for revenue but offered a weak forecast for the upcoming quarter. It posted $27.7bn in revenue for the third quarter, higher than the $27.4bn predicted but 4% less than the same period last year. Its earnings a share, which accounts for expenses, was $1.64 – lower than the $1.89 predicted. – Guardian
Britain’s plan to become a post-Brexit “science and technology superpower” has suffered a significant setback after a fall in research and development investment of almost a fifth since 2014, according to a report. The Institute for Public Policy Research said the UK’s share of global investment in R&D projects – including in health and life sciences – had fallen sharply from 4.2% eight years ago to 3.4% in 2019 immediately before the Covid pandemic struck. – Guardian
Net zero restrictions on oil drilling are tightening Saudi Arabia’s grip over the global market for crude and will deepen tensions with the West, the International Energy Agency (IEA) has warned. Green rules which limit new oil fields mean that the Saudi-led Opec cartel will come to control 52pc of the market, the agency said, compared to just over a third now. – Telegraph
Elon Musk last night signalled his intention to complete a $44 billion takeover of Twitter by posting a video on the social media platform of him carrying a kitchen sink into its San Francisco headquarters. The world’s richest man, who also heads Tesla, the electric car company, and SpaceX, the spacecraft and satellite operator, must complete the deal to buy the the micro-blogging site for $54.20 per share before a court deadline tomorrow. – The Times
Boeing’s struggling defence division blew a $2.8 billion hole in its parent company’s bottom line in the last quarter as it faced higher production costs and technical issues. The American aircraft maker moved to reassure investors yesterday that it would end the year with positive cashflow, despite widening losses this summer. Nevertheless, shares in Boeing fell by 8.8 per cent, or $12.86, to close at $133.79 on Wall Street last night. – The Times
