Diamonds and Dogs
Facebook/Meta Platforms (FB) is growing again. The social network giant is up 17% following better than expected earnings. Sales rose 6.5% to $27.91 billion. The biggest improvement came from active users that grew to 1.96 billion, up 6% year over year. The platform's monthly active users of 2.94 billion climbed 3% year over year, while also adding users sequentially. In the conference call, Mark Zuckerberg said the company would slow some of the pace of some investments, thereby saving some cash.
Amgen (AMGN) owes some taxes. The drugmaker is down 4% following earnings. The earnings were fine, beating estimates as sales rose 5.7% to $6.24 billion. However, Amgen did receive a notice of deficiency from the IRS for the 2013-2015 period proposing they owe an additional federal tax of approximately $5.1 billion, plus interest. In addition, the notice proposes penalties of approximately $2 billion. Amgen firmly believes that the adjustments proposed by the IRS are without merit.
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