Meta Platforms operates the world's largest family of social networking websites, including the flagship Facebook site, Instagram, Facebook Messenger, and WhatsApp. The sites enable users to communicate with friends and family by posting to the site; commenting on others' posts; sharing photographs, website links, and videos; messaging and playing games. The company also partners with application developers to add functionality to the sites, and allows users to pay for virtual goods and services through its Payments function. Meta derives about 55% of its revenue from outside the U.S. and Canada. Facebook/Meta went public on May 18, 2012.

Meta is the world’s largest online social network, with 2.5 billion monthly active users. Users engage with each other in different ways, exchanging messages and sharing news events, photos, and videos. On the video side, the firm is in the process of building a library of premium content and monetizing it via ads or subscription revenue. Meta refers to this as Facebook Watch. The firm’s ecosystem consists mainly of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. Users can access Facebook on mobile devices and desktops. Advertising revenue represents more than 90% of the firm’s total revenue, with 50% coming from the U.S. and Canada and 25% from Europe. With gross margins above 80%, Meta operates at a 30%-plus margin.

Meta Platforms operates the world's largest family of social networking websites, including the flagship Facebook site, Instagram, Facebook Messenger, and WhatsApp. The sites enable users to communicate with friends and family by posting to the site; commenting on others' posts; sharing photographs, website links, and videos; messaging and playing games. Meta also partners with application developers to add functionality to the sites, and allows users to pay for virtual goods and services through its Payments function. Meta derives about 55% of its revenue from outside the U.S. and Canada. Meta/Facebook went public on May 18, 2012.

Stocks plunged on Friday morning on further signs of accelerating inflation and concerns about the Fed's response. In a widely anticipated release, the Labor Department said that consumer prices rose at an 8.6% annual rate in May, up from 8.3% growth in April and above the consensus forecast of 8.3%. The reading was the highest in more than 40 years. The core CPI, excluding food and energy, rose 6.0% from the prior year, above the consensus of 5.9% growth. The Dow fell 2.1%, the S&P 2.5%, and the Nasdaq 3.1%. Crude oil fell to $121 per barrel, while gold traded near $1851 per ounce.