5 Big Companies That Don’t Drug Test Employees

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) is another tech giant with a relaxed drug testing policy for its employees. On April 25, Meta Platforms, Inc. (NASDAQ:META) reported a Q1 GAAP EPS of $2.20, beating market consensus by $0.23. The revenue of $28.65 billion also exceeded Wall Street estimates by $990 million. 

According to Insider Monkey’s first quarter database, 220 hedge funds were bullish on Meta Platforms, Inc. (NASDAQ:META), compared to 194 funds in the prior quarter. Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with 8 million shares worth $1.70 billion. 

Here is what Baron Durable Advantage Fund has to say about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“Shares of Meta Platforms, Inc., the world’s largest social network, were up 76.0% this quarter due to decisive cost discipline actions, improving adoption of new advertising products, the company’s work in generative artificial intelligence (AI), and the broader rally in technology stocks. Meta is the mega-cap technology company most focused on profitability through cost cutting, including layoffs of more than 20% of its staff and reductions in its data center and office footprint. On the top line, Meta continues growing its user base with daily average users up 5% year-over-year in the last quarter. Engagement remains healthy with impressions up 23% year-over-year, and newer advertising formats (like Instagram Reels) are reportedly picking up steam with 40% of advertisers now using Reels. Longer term, we believe Meta will utilize its leadership in mobile advertising, massive user base, innovative culture, and technological scale to sustain durable growth for years to come, with further monetization opportunities ahead in newer areas such as WhatsApp.”