Meta posted revenue of $56.3 billion in Q1 2026, up 33% year-on-year, with net profit reaching $26.8 billion. The results cover Facebook, Instagram, and WhatsApp, all under the Meta umbrella. The company is performing at a high level financially even as it prepares for a significant round of layoffs. Meta has been channeling large sums into artificial intelligence projects, and the layoffs appear tied to an effort to streamline operations alongside that spending push. Cutting headcount while profits are rising is a familiar playbook in big tech, it reduces the fixed cost base and frees up capital for infrastructure and AI investment. The tension between record profits and job cuts will draw scrutiny. Investors will want to see whether AI spending translates into revenue growth in coming quarters, while the layoffs signal that Meta is restructuring its workforce rather than simply trimming underperformers. Watch for details on the scale of cuts and which divisions are affected.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
