– dropped more than 20 per cent in after-hours trading following a disappointing fourth-quarter earnings result.
The profit decline comes as Meta invests heavily into the VR and AR technologies it believes will help build the metaverse, a so-far-just-conceptual immersive form of the internet that CEO Mark Zuckerberg has identified as the company's future. "Investors will look at these numbers closely as a first indicator of how far off the Metaverse is from being a profitable reality," Tom Johnson, global chief digital officer at media agency Mindshare Worldwide, said in emailed commentary.
The company's total revenue for the year hit nearly $USD 118 billion , the first time its annual revenue has surpassed $USD 100 billion .Meta also shared a rough forecast for the upcoming quarter, saying it expects revenue to grow only between three per cent and 11 per cent due to "headwinds to both impression and price growth" in its advertising business. It added that its platforms face increased competition for people's time.
He’ll make it back on Monday😆
No one cares! BoycottFacebook BoycottMeta BoycottSuckerbergEverything
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