March 25, 2023
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Meta earnings fall more than 50%, but Metaverse will invest more resources next year – Hong Kong

FILE PHOTO: A smartphone with Facebook’s logo is seen in front of displayed Facebook’s new rebrand logo Meta in this illustration. REUTERS/Dado Ruvic/Illustration

Meta reported earnings last year, down 52% year over year, and adjusted earnings of $1.64 per share, missing expectations of $1.90. Earnings fell for the fourth consecutive quarter.

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▲Meta (Image source: Shutterstock)

In recent years, Meta has devoted itself to the development of the Metaverse. Its core project, Reality Labs, lost US$3.67 billion in profit, and its loss ratio expanded to 40%. Revenue fell 49% year-on-year to only 285 million yuan, lower than the expected 400 million yuan. Meta fell for two consecutive quarters, which is believed to be related to TikTok’s competition and declining advertising sales. Revenue fell 4% during the period to only $27.71 billion, higher than the expected $27.4 billion.

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▲ Reality Labs (Image source: Meta)

Meta CEO Zuckerberg said investing in the future remains a priority: “This is an important business. There are often multiple ups and downs before every product becomes mainstream. But we believe our work is historic. , will help us lay the groundwork for a whole new way of interacting and integrating technology into our lives.”

Meta said the number of employees will not change significantly and will remain at the level of 87,000 employees. The company expects revenue to be in the range of $30 billion to $32.5 billion this quarter, with expenses of about $96 billion to $101 billion next year.

source:Sina Technology Mewe page:

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Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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