That’s a wrap! The FB ticker is no more. Meta Platforms has officially transitioned to META.
The news (which was a long time coming) propelled $META to the top of investor search lists.
But we want to know: How is Meta faring in the eyes of consumers?
Overall Mentions of the company have increased at a steady clip: +16% YoY. This is a noted improvement from poor performance over the last year. Mentions in 21Q3 were the lowest we’ve ever recorded for the company.
To be blunt: Meta has been in a bit of a rut.
Its head-first dive into the metaverse has run into problems with retention issues for its VR headset (which we have highlighted before); Sheryl Sandberg, the company’s COO, has stepped down, and according to Bloomberg, it has now halted the development of its smartwatch.
This on top of mounting lawsuits. However, there is some light for the Meta, and it comes in the form of its ‘legacy’ social media companies.
Meta’s Purchase Intent Mentions (think usage and downloads) are trending +14% higher YoY, boosted by Whatsapp (39% YoY), Reels (+29% YoY), and Instagram (+24% YoY).
Unfortunately, Meta’s flagship platform, Facebook continues to show signs of weakness, with mentions continuing lower YoY: -10%.