Meta raises $10 billion in first-ever bond offering

(Reuters) – Fb-parent Meta Platforms Inc stated on Tuesday it had raised $10 billion in its first-ever bond providing, because it seems to fund share buybacks and investments to revamp its enterprise.

The providing would assist Meta, the one one amongst massive know-how firms with out debt on its books, to construct a extra conventional steadiness sheet and fund some costly initiatives, comparable to its metaverse digital actuality.

Different tech giants comparable to Apple Inc and Intel Corp additionally issued bonds just lately, elevating $5.5 billion and $6 billion, respectively.

In late July, Meta posted a dark forecast and recorded its first-ever quarterly drop in income, with recession fears and aggressive pressures weighing on its digital advertisements gross sales.

(Reporting by Tiyashi Datta in Bengaluru; Enhancing by Krishna Chandra Eluri)