![]() ![]() Slower Facebook growthīy comparison, Facebook had a massive base of 1.98 billion active daily users on average for September - a 3% increase from a year ago. "nvestors should remain on the sidelines as it will take many years before progress in the metaverse can be truly monetized," Angelo Zino, senior equity analyst CFRA Research, told investors in a research note. Shares of Facebook owner Meta plummeted 26 on Thursday, the biggest single-day slide in market value for a U.S. Horizon Worlds, Meta's new virtual space, trimmed its goal for monthly active users to 280,000 from 500,000, but the space is attracting fewer than 200,000, the Wall Street Journal reported earlier this month. Unlike the longer time-lines for building businesses common in Silicon Valley, Wall Street values companies based on near-term returns rather than hazier projections that stretch years into the future. Investors are skeptical because, at least so far, consumers aren't exactly flocking to the fledgling metaverse. It expects the unit to have "significantly" wider operating losses in 2023, the company said on Wednesday. Meta’s stock jumped as much as 9 to 325.35 as the market opened in New. Meta Platforms ( META -1.45) stock fell as much as 25 on the. Reels, Meta’s TikTok rival, draws attention to its networks. The social media giant turned metaverse pioneer has seen its stock price fall substantially since reporting third-quarter results. For the first nine months of the year, Meta lost $9.4 billion on its metaverse unit, Reality Labs. Meta Claws Back to Pre-Crash Levels on Strong Results. The company is making what amounts to a wildly expensive bet on its ability to transform into a virtual reality behemoth and whether that technology can power the next phase in Meta's growth.Īlthough such strategic pivots can take years for big companies to execute - as it did for IBM and Microsoft as they morphed from selling hardware to software - the early returns for Meta have been grim. We run through 4 lessons which we picked up from its. ![]() The social network is also working on augmented reality glasses and, with Ray-Ban, released its first pair of smart glasses to shoot photos and videos.On a Wednesday conference call to discuss Meta's latest earnings, Zuckerberg told investors he is "pretty confident this is going in a good direction." Metas stock plunge now represents the biggest single-day slide in market value for a US company. Meta shares rose as much as 8. At Christmas, the Oculus app required to set up the Quest headset toppedĪpp Store, suggesting that people had purchased the headsets over the holidays as a gift. Though the metaverse concept has been around for years, Meta has been hiring engineers and purchasing VR apps to bolster the creation of its virtual worlds. Facebook's daily active users in the fourth quarter fell from 1.93 billion to 1.92 billion, with the quarterly drop mainly coming from developing countries. On top of that, Facebook is facing more competition from other apps such as short-form video app TikTok. We've made these types of transitions before with mobile feed and Stories," Meta CEO Mark Zuckerberg said in a call with analysts Wednesday. "I'm confident that leaning harder into these trends is the right short-term tradeoff to make in order to get long-term gains. Meta stock price Meta stock crash neelkanth mishra credit suisse Indian IT stocks stock market et now Nasdaq selloff nasdaq (Whats moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. The company's rebranding fueled hype around the online spaces where people will be able to work and socialize as digital avatars. Meta is staking its future on a new, immersive iteration of the internet known as the metaverse. The performance underscores how Meta, which rebranded last year as part of a push toward the metaverse, remains reliant on digital advertising on the Facebook social network and its photo service Instagram. Facebook also reported a decrease of roughly 1 million daily active users, suggesting the social network may be reaching the peak of its growth. Shares of Meta plunged 24.5 Thursday as investors and analysts digested the company’s third-quarter earnings miss and a weak fourth-quarter outlook. However, it earned $3.67 per share, falling short of the $3.84 per share projected by analysts surveyed by Thomson Reuters. In the fourth quarter, Meta posted revenue of $33.7 billion, beating analyst expectations of $33.4 billion. Meta also said the augmented and virtual reality business at the heart of its metaverse plans is generating revenue but is unprofitable. ![]() The stock promptly sold off over 21 in the after hours and the compa. ![]() The fall came after an earnings report Wednesday in which the company missed profit expectations and showed a quarterly drop for the first time in the number of daily active users on Facebook. Today we take a look at Facebook FB Stock which reported Q4 earnings after the bell. ![]()
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