Meta’s latest results show why it needs Metaverse 🕶; If you want to understand BNPL, just look at PayPal’s latest earnings 🚀; Coinbase NFT Marketplace Beta launch shows ridiculous numbers 😬

Good Morning FinTech, 29 April

Good evening Everyone,

And happy Friday! What a week, but you made it! Today’s 3 stories are super interesting as they touch on the metaverse, BNPL, and NFTs. So without further ado, let’s jump straight to the good stuff:

Meta’s latest results show why it needs Metaverse 🕶

The news 🗞 Meta posted its slowest quarterly revenue growth since going public as Facebook in 2012. In the previous quarter, Meta reported a $1B profit hit and its first-ever dip in daily users. Although in the latest financials, users actually ticked up, financials weren’t great.

More on this 👉 The latest results show that sales growth majorly slowed to 7%, from 20% in the previous quarter. Profit fell for the second quarter in a row, down to $7.5B, from $9.5B a year earlier. One can add that Meta has spent as much as $10B on its meta-ambitions. Despite all of this, Meta stock popped 16% after it reported the results, as investors were surprised by better-than-expected profit.

What’s next? 🤔 You want to hear a crazy story? It’s this - Meta stock had lost nearly half its value this year alone. And this is exactly why it really needs the Metaverse. Here’s the takeaway: