Facebook’s parent company posted third-quarter net income of about US$4.4 billion, a 52 per cent drop from the same period in 2021. Its shares closed down about 25 per cent Thursday. (The Logic)
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Facebook’s parent company posted third-quarter net income of about US$4.4 billion, a 52 per cent drop from the same period in 2021. Its shares closed down about 25 per cent Thursday. (The Logic)
Talking point: The social media giant’s revenue drop comes as CEO Mark Zuckerberg spends big on its metaverse bet. The company said it expects losses from its virtual and augmented reality arm, Reality Labs, to “grow significantly” year over year in 2023. Meta also joins other Big Tech companies in warning of an economic slowdown and its effect on advertising as businesses reduce marketing spending. Meta has lost over US$600 billion in market capitalization over the last 12 months. Microsoft and Alphabet shares tumbled earlier this week on the companies’ weak results. More than US$550 billion has been wiped off America’s biggest tech companies this week.
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