iWorld
Mark Zuckerberg, Facebook boss, loses $16.8 bn in just 2 hours
MUMBAI: After a trembling quarter which was full of controversies regarding data security, Facebook faced the hit on stocks too. Following the Cambridge Analytica scandal, the social media giant lost the faith of users and faced backlash from policymakers. Now, after a poor Q2 result with a weaker-than-expected revenue growth, the company lost about $130 billion in market value in just two hours. CEO Mark Zuckerberg, the third richest man according to the Bloomberg Billionaires Index, lost $16.8 billion in extended trading.
If Zuckerberg’s loss holds through Thursday, he will slide to sixth place in the Bloomberg Billionaires Index.
In Q2, Facebook could not reach the Wall Street-projections for growth in revenue as well as daily users. Moreover, the company also told the numbers won’t get better this year. The stock slide started right after Facebook posted the result which was later triggered by chief financial officer David Wehner’s comment on slow growth throughout the year. Shares plunged as much as 24 per cent afterwards.
Facebook had 1.47 billion daily active users in June, compared with the 1.48 billion average of analysts’ estimation. In Europe, the implementation of strict new data regulations led to 1 per cent decline in daily visitors. Even in its biggest markets, the US and Canada, the user base did not grow. The company added 22 million daily active users, lower than the 41 million it added in the same quarter a year earlier. While analysts projected $13.3 billion, the revenue increased 42 per cent to $13.2 billion in the quarter.
“I think many investors are having a hard time reconciling that deceleration,” an analyst at Jefferies LLC Brent Thill told Facebook executives. “It just seems like the magnitude is beyond anything we’ve seen, especially across a number of the tech (companies) we cover,” he added. However, some analysts think the harsh truth is that the platform can’t grow forever. “The core Facebook platform is declining,” an analyst at Pivotal Research Group Brian Wieser said.
Facebook will increase spending to make investments in video content, artificial intelligence, and virtual reality. The company is growing its video play with new sports broadcasting rights and content deal for news. However amid all new plans also, it could not live up to expectation. Since 2015 Q1, this is the first time it could not meet revenue growth.
iWorld
Prime Video and Hrithik Roshan reunite for quirky heist comedy Mess
HRX Films expands pact with quirky heist comedy set for production
MUMBAI: Prime Video is doubling down on its partnership with Hrithik Roshan, announcing a new comedy film Mess that promises chaos, chuckles and a clever twist on the classic heist.
Produced by Hrithik Roshan and Eshaan Roshan under HRX Films, a division of FilmKraft Productions, the film is being made in association with Soda Films Lab. Directed by Rajesh A Krishnan, Mess marks the second collaboration between the streaming platform and HRX Films after the upcoming thriller Storm.
At the heart of Mess lies an unusual premise. A group of robbers break into the home of a man with OCD, only to find themselves outmatched in a night-long standoff that flips the script on who is really in control. It is a set-up that blends tension with humour, turning a break-in into a breakdown of expectations.
Prime Video India director and head of originals Nikhil Madhok said, “A good story should surprise and entertain, and Mess does both with ease. It brings together a unique premise, memorable characters and a tone that keeps you laughing throughout.”
He added that the collaboration with HRX Films continues to grow stronger, with the new film reflecting a shared appetite for bold and original storytelling.
Hrithik Roshan said, “After Storm, Mess feels like a natural next step in our journey with Prime Video. The film captures the kind of unconventional storytelling we want to champion, with Rajesh bringing a distinctive voice to the narrative.”
Director Rajesh A Krishnan said, “The world of Mess is a mix of comedy and chaos, unusual enough to keep audiences on edge while still delivering humour. It has been a deeply collaborative and creatively fulfilling experience.”
The original screenplay comes from Paul Soter, with adaptation and dialogues by Kapil Sawant, adding another layer of craft to the film’s offbeat narrative.
As production gears up, Mess looks ready to live up to its name, serving up a delightful tangle of mayhem, mischief and movie magic for audiences in India and beyond.
