April 1, 2023
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Zuckerberg sticks to the Metaverse, Meta shares fall 19% after hours

A few days after Meta shareholder Altimeter Capital issued an open letter urging Meta to lay off 20% of its workforce and reduce Metaverse development costs, Meta on Wednesday (10/26) announced its third-quarter earnings report, which saw Meta generate $27.7 billion in revenue. , down 4%, but costs/expenses increased 19% to $22.1 billion, resulting in a sharp 52% ​​decline in Meta’s net income for the quarter. In addition, Meta founder and CEO Mark Zuckerberg not only does not intend to reduce the cost of Metaverse development, but also said that the expenditure of Reality Labs will increase significantly next year. Various factors have deterred Meta investors. It fell 19.66% to $104.3.

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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