Facebook invests billions in metaverse efforts as ad business slows

Chief Executive Officer Mark Zuckerberg has said Facebook in the coming years will be seen as metaverse company rather than a social media company, as it makes a number of investments to expand the technology.

Shares of the company were trading up about 2% at $336 in extended trading on Monday. Facebook, whose shares have gained about 20% so far this year, is about $85 billion away from regaining a spot on the $1 trillion club and joining new entrant Tesla IncThe world's largest social media network is under scrutiny from global lawmakers and regulators, including from the Federal Trade Commission which has filed an antitrust lawsuit alleging anticompetitive practices.

Its third-quarter revenue too faced the brunt of Apple's privacy rules that made it harder for brands to target and measure their ads on Facebook. The company's total revenue, which primarily consists of ad sales, rose to $29.01 billion in the third quarter from $21.47 billion a year earlier, missing analysts' estimates of $29.57 billion.

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