A year ago, Mark Zuckerberg<\/a> changed Facebook<\/a>’s name to Meta<\/a> and said he was going all in on the immersive digital world of the so-called metaverse.
Since then, Meta has plowed billions of dollars into, and restructured itself around, the emerging technology — just as the global economy has slowed, inflation has soared and investors have begun paying more attention to costs.
The combination has been nothing short of disastrous. This year, Meta’s earnings have been hit hard by its spending on the metaverse and its slowing growth in social networking and digital advertising. In July, the Silicon Valley<\/a> company posted its first sales decline as a public company. Its stock has plunged more than 60% this year.
On Wednesday, Meta continued that trajectory and indicated that the decline would not end anytime soon. It said it would be “making significant changes across the board to operate more efficiently,” including by shrinking some teams and by hiring only in its areas of highest priority.
The company reported a 4% drop in revenue for its third quarter — to $27.7 billion, from $29 billion a year earlier. Net income was $4.4 billion, down 52% from a year earlier. Spending soared by 19%.
The company’s metaverse investments remained troubled. Meta said its Reality Labs division, which is responsible for the virtual reality and augmented reality efforts that are central to the metaverse, had lost $3.7 billion compared with $2.6 billion a year earlier. It said operating losses for the division would grow “significantly” next year.
For the current quarter, Meta forecast revenue of $30 billion to $32.5 billion, which would be down from a year ago. The company’s shares fell nearly 20% in after-hours trading.
Zuckerberg was defiant on a call with analysts Wednesday. He said people would “look back decades from now” and “talk about the importance of the work that was done here” regarding the metaverse, virtual reality and augmented reality.
Despite the challenges, Meta increased its numbers of users. The number of people who use its apps such as Facebook, Instagram<\/a>, WhatsApp or Messenger daily increased to 2.93 billion users in the quarter, up 4% from a year earlier.<\/body>","next_sibling":[{"msid":95111706,"title":"Centre seeks reasons behind WhatsApp outage","entity_type":"ARTICLE","link":"\/news\/government-to-whatsapp-submit-report-on-outage-in-next-4-5-days\/95111706","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"95109862","title":"Meta\u2019s profit slides by more than 50% as challenges mount","entity_type":"IMAGES","seopath":"markets\/stocks\/earnings\/metas-profit-slides-by-more-than-50-as-challenges-mount","category_name":"Meta\u2019s profit slides by more than 50% as challenges mount","synopsis":"Meta ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-18230\/95109862.cms?width=150&height=112","link":"\/image\/markets\/stocks\/earnings\/metas-profit-slides-by-more-than-50-as-challenges-mount\/95109862"}],"msid":95111747,"entity_type":"ARTICLE","title":"Meta\u2019s profit slides by more than 50% as challenges mount","synopsis":"Zuckerberg was defiant on a call with analysts Wednesday. He said people would \u201clook back decades from now\u201d and \u201ctalk about the importance of the work that was done here\u201d regarding the metaverse, virtual reality and augmented reality.","titleseo":"telecomnews\/metas-profit-slides-by-more-than-50-as-challenges-mount","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":112,"shares":0,"engagementtimems":491000},"Alttitle":{"minfo":""},"artag":"New York Times","artdate":"2022-10-27 09:30:20","lastupd":"2022-10-27 09:30:59","breadcrumbTags":["meta results","instagram","silicon valley","mark zuckerberg","facebook","meta","meta stock","meta earnings","INternet"],"secinfo":{"seolocation":"telecomnews\/metas-profit-slides-by-more-than-50-as-challenges-mount"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2022-10-27" data-index="article_1">
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元的利润幻灯片逾50%,因山的挑战
扎克伯格周三被挑衅在与分析师的电话。他说,人们将“回顾数十年后”和“讨论完成这里的工作”的重要性关于metaverse,虚拟现实和增强现实。
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由瑞安Mac
一年前,马克•扎克伯格改变了脸谱网的名字元并说他要在所谓metaverse的身临其境的数字世界。
自那以后,元已经投入数十亿美元,和重组本身,新兴技术——就像全球经济已经放缓,通胀飙升,投资者已经开始更关注成本。
结合一直是灾难性的。元的收入,今年一直深受其metaverse支出和经济增长放缓在社交网络和数字广告。在7月,硅谷上市公司发布其第一销售下降。其股价今年已下跌逾60%。
周三,元继续,轨迹,表明下降不会很快结束。它表示,它将“做出重大的改变能够更高效的运作,“包括缩减一些团队和招聘只在其地区的最高优先级。
该公司公布其第三季度营收下降4%,至277亿美元,较上年同期的290亿美元。净收入为44亿美元,较上年同期下降了52%。支出飙升了19%。
公司的metaverse投资依然处于困境中。元表示,其现实实验室部门,负责虚拟现实和增强现实努力metaverse的中心,失去了去年同期的37亿美元与26亿美元。它说运营亏损的部门明年的经济增长率将“显著”。
对当前季度,元预测营收为300亿美元至325亿美元,这将是低于一年前。该公司股价在盘后交易中下跌了近20%。
扎克伯格周三被挑衅在与分析师的电话。他说,人们将“回顾数十年后”和“讨论完成这里的工作”的重要性关于metaverse,虚拟现实和增强现实。
尽管挑战,元增加了数量的用户。的人使用它的应用程序如Facebook,Instagram,WhatsApp或信使每日当季增加到29.3亿用户,较上年同期增长了4%。
一年前,马克•扎克伯格改变了脸谱网的名字元并说他要在所谓metaverse的身临其境的数字世界。
自那以后,元已经投入数十亿美元,和重组本身,新兴技术——就像全球经济已经放缓,通胀飙升,投资者已经开始更关注成本。
结合一直是灾难性的。元的收入,今年一直深受其metaverse支出和经济增长放缓在社交网络和数字广告。在7月,硅谷上市公司发布其第一销售下降。其股价今年已下跌逾60%。
周三,元继续,轨迹,表明下降不会很快结束。它表示,它将“做出重大的改变能够更高效的运作,“包括缩减一些团队和招聘只在其地区的最高优先级。
该公司公布其第三季度营收下降4%,至277亿美元,较上年同期的290亿美元。净收入为44亿美元,较上年同期下降了52%。支出飙升了19%。
公司的metaverse投资依然处于困境中。元表示,其现实实验室部门,负责虚拟现实和增强现实努力metaverse的中心,失去了去年同期的37亿美元与26亿美元。它说运营亏损的部门明年的经济增长率将“显著”。
对当前季度,元预测营收为300亿美元至325亿美元,这将是低于一年前。该公司股价在盘后交易中下跌了近20%。
扎克伯格周三被挑衅在与分析师的电话。他说,人们将“回顾数十年后”和“讨论完成这里的工作”的重要性关于metaverse,虚拟现实和增强现实。
尽管挑战,元增加了数量的用户。的人使用它的应用程序如Facebook,Instagram,WhatsApp或信使每日当季增加到29.3亿用户,较上年同期增长了4%。
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