Facebook Inc (NASDAQ:FB) may just be the company Apple Inc. (NASDAQ:AAPL) needs to have as one of their closest allies.
According to the company’s chief executive officer, Mark Zuckerberg, Facebook Inc (NASDAQ:FB) has far more in common with Apple Inc. (NASDAQ:AAPL) than they do with Google Inc (NASDAQ:GOOG). In a recent earnings call that took place earlier this week, Zuckerberg admitted that Facebook and Google are no longer on speaking terms.
Valuewalk’s January 2021 Hedge Fund Update: First Issue Now Published!
Welcome to our inaugural issue of ValueWalk's hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Bill Ackman's comeback, a look at Alta Fox Capital, Prentice Capital having a strong year, Canyon Partners profiting on Covid crisis refinancings, and Odey's Read More
The social network giant also created a new search function that may end up rivaling Google’s.
Despite the rivalry, Zuckerberg had a few positive things to say about Google Inc (NASDAQ:GOOG), namely Android. He explained, “Android is a very dynamic and open platform—as long as Google Inc (NASDAQ:GOOG) keeps it that way.”
It was then he added, “Our relationship isn’t one where the companies really talk.”
As for Apple Inc. (NASDAQ:AAPL), Zuckerberg has nothing but praise. He said they were a “locked-down system” and that they were a good team.
Although he didn’t give a reason as to why the companies are no longer on good terms, it’s a pretty safe bet to assume that Facebook Inc (NASDAQ:FB) and Google Inc (NASDAQ:GOOG) see each other as rivals in the online advertising sector. The former recently ousted the latter as the fastest growing mobile display market. Facebook’s advertising revenue increased 41 percent.
The overall revenue for fourth-quarter increased from $1.1 billion to $1.6 billion in the last year, a number that surpassed analyst expectations. Despite the positive financial overview, Facebook Inc (NASDAQ:FB) is still paying the price for the IPO they offered last year.
Unfortunately, the social media giant failed to impress Wall Street investors with their fourth quarter earnings report as their shares fell 3.8 percent to just $$30.13 during early trading on Thursday. Facebook’s shares ended on Wednesday evening at $31.24, an impressive climb from the previous low of $17.55. It’s speculated that Facebook’s decrease has more to do with the company’s past than the future.