, delivered record fourth quarter revenues of $33.7 billion, and annual revenues of $118 billion on Wednesday. But it missed Wall Street expectations, sending the stock plunging nearly 20 percent after hours.
Even as its daily active users rose by 5 percent to 1.93 billion year over year, that growth was the slowest in recent memory, and the company warned that the rest of the year is shaping up to be a choppy one as it deals with “macroeconomic challenges” and continues its long-term strategic shift “towards building the metaverse,” per CEO Mark Zuckerberg.
Meta CFO David Wehner warned that its business would be impacted on both the impressions and the pricing side. “We expect continued headwinds from both increased competition for people’s time and a shift of engagement within our apps towards video surfaces like Reels, which monetize at lower rates than Feed and Stories,” Wehner wrote.changes and foreign currency fluctuations will impact revenue.
Looks like the name change was a distraction. Perhaps the equivalent of adding .com to a company name 20 or more yrs ago.
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