![]() ![]() The stock’s losses have mirrored those of the tech-heavy Nasdaq 100 ( US100) index, with confidence in tech markets having plummeted and Meta’s drastic pivot toward the metaverse having concerned shareholders. As of 2 November 2022, stock is changing hands at $92.77. ![]() After a mass sell-off in late October, stock sank 24% to the lowest price since 2016. Meta Platforms’ (META) stock performance has seen little respite in the bearish environment so far this year. ![]() The company projected total revenue in the first quarter of 2022 to be between $27 and $29 billion, an increase of 3-11%.Will META prevail against current headwinds? – Photo: Jirapong Manustrong/ "Last year was about putting a stake in the ground for where we are heading, and this year is going to be about execution."Īs it looks to build the Metaverse and compete with TikTok for users on mobile phones, Meta said it expects to face more headwinds in 2022. "We are focused on the foundational hardware and software that are required to build an immersive, embodied internet that enables better digital social experiences than anything that exists today," Zuckerberg said. Zuckerberg said users spent more than $1 billion on virtual reality content from the Oculus Store this past year and added that Meta is releasing a "higher-end" virtual reality headset later this year. In the final quarter of 2021, the company spent $3.3 billion on its Reality Labs division. Last year, Zuckerberg said Meta will spend $10 billion building the Metaverse and predicted that a billion users will be hanging out and playing video games in virtual worlds by the end of the decade. In 2021, Meta surpassed $100 billion in yearly revenue for the first time and made over $46 billion in profit. Meta doesn't provide Instagram's daily active users, but daily active users across its suite of apps increased slightly to 2.82 billion in the last quarter.ĭespite spending over $10 billion on the Metaverse in 2021 with little to show for in return, the company remained profitable. "While video has historically been slower to monetize, we believe that overtime short form video is going to monetize more like Feeds and Stories than like Watch," Zuckerberg said. He also preached patience as the company transitions towards prioritizing younger users and short form video content consumption, adding that advertising money will catch up. "TikTok is so big as a competitor already and also continues to grow at quite a fast rate," Zuckerberg said. The drop from 1.93 billion daily active users on Facebook to 1.929 is the first time daily active users have decreased from one quarter to another. Last quarter, the number of daily active users on Facebook declined slightly. ![]() He said Meta will continue to invest in Reels as it competes for the attention of younger users with TikTok. Zuckerberg said Reels is now the fastest growing form of content across Instagram and Facebook. He added that Reels – short form videos that Meta has been pushing across Facebook and Instagram to combat the growth of TikTok – monetizes at a lower rate than other advertising locations like the Facebook News Feed. "People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly, '' Zuckerberg said on a call with investors Wednesday. ![]()
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