<\/p>\n
Earlier this year, Meta posted its first quarterly revenue decline. Once again, Meta\u2019s financials aren\u2019t inspiring much faith in its investors this quarter. Meta\u2019s revenue declined 4% year over year to hit $27.7 billion; but Meta CFO David Wehner pointed out on the earnings call today that some of this decline is owed to inflation. Meanwhile, net income was just $4.395 billion, down from $9.194 billion year over year.<\/p>\n
This decline in income is mostly due to Meta\u2019s huge investment in the metaverse. Reality Labs, Meta\u2019s virtual reality division, lost $3.672 billion this quarter. The same thing happened in Q1, when CEO Mark Zuckerberg justified a $3 billion loss by saying that the 2030s will be \u201cexciting.\u201d<\/p>\n
Image Credits:<\/strong> Meta (opens in a new window)<\/span><\/p>\n<\/div>\n \u201cThere\u2019s still a long road ahead to build the next computing platform. But we\u2019re clearly doing leading work here. This is a massive undertaking and it\u2019s often gonna take a few versions of each product before they become mainstream,\u201d Zuckerberg said on today\u2019s earnings call. \u201cBut I think that our work here is going to be of historic importance and create the foundation for an entirely new way that we will interact with each other and blend technology into our lives, as well as the foundation for the long term of our business.\u201d<\/p>\n Meta also casually dropped the news that it will launch its next consumer-grade Quest headset next year, which is responsible for some of these costs. Meta just shipped its first high-grade Quest Pro headsets this week.<\/p>\n Zuckerberg also elaborated on Meta\u2019s overall plans for the metaverse. He\u2019s now referring to Horizon Worlds, the company\u2019s underwhelming social VR platform, as something that Meta is \u201citerating on out in the open.\u201d He also called the platform an \u201cearly product.\u201d<\/p>\n \u201cObviously it has a long way to go before it\u2019s going to be what we aspire for it to be,\u201d Zuckerberg said about Horizon Worlds. \u201cWe think we\u2019re doing some leading work there, but obviously we need to get that into the product and continue innovating on that.\u201d<\/p>\n He also emphasized Meta\u2019s commitment to developing VR and AR technology in general.<\/p>\n When it comes to social media, Zuckerberg shared some updated figures. He said that there are now more than 140 billion Reels plays across Facebook and Instagram, which is a 50% increase from six months ago. Across all platforms, Reels has a $3 billion annual revenue run rate. As the company has stated in past earnings calls, Meta is investing heavily in AI content discovery to compete with platforms like TikTok.<\/p>\n Meta also shared that hiring will significantly slow next year. The company added 3,700 net new employees in Q3, down from 5,700 net additions in Q2.<\/p>\n \u201cWe expect hiring to slow dramatically going forward and to hold the headcount roughly flat next year relative to current levels,\u201d Wehner said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Earlier this year, Meta posted its first quarterly revenue decline. Once again, Meta\u2019s financials aren\u2019t inspiring much faith in its investors this quarter. Meta\u2019s revenue declined 4% year over year to hit $27.7 billion; but Meta CFO David Wehner pointed out on the earnings call today that some of this decline is owed to inflation. […]<\/p>\n","protected":false},"author":1,"featured_media":1235651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1235648","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrity-gossip"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1235648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1235648"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1235648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1235648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1235648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1235648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}