Meta Sees Shares Surge 140%; Apple to Open First Bricks and Mortar Store in India

In today’s ExchangeWire news digest: Meta shares rise 140% following cutbacks; Apple prepares to launch its first retail store in India as part of its expansion into the South Asian country; and Amazon reveals it will relaunch MGM streaming services in Europe.

Meta shares soar following job cuts

Facebook parent Meta has seen shares skyrocket from a 7-year low last November. The company’s shares soared by 140% after cutting thousands of jobs as part of its “year of efficiency”, prompting analysts to consider Meta well equipped for an economic slowdown. 

Apple set to launch first retail store in India

Apple is preparing to open its first official store in India, signalling the iPhone maker is pushing further into the world’s second-largest smartphone market. Chief executive Tim Cook explained that Apple is placing “a lot of emphasis on the market”, comparing its current efforts in India to its early years in China.

Amazon to take rebranded MGM streaming services in Europe

Amazon has revealed that it will relaunch MGM’s streaming services in key European countries under the new brand of MGM+ International. The company also stated it had agreed a “strategic content deal” with Lionsgate for “a significant package of premium films and television series” to support the rebrand.

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Fact of the Day

USD$8.5bn (~£6.8bn) - the amount Amazon acquired MGM for in 2022.

Source: The Hollywood Reporter