Meta Tumbles as Sales Forecast Shows Depth of Ad-Market Weakness
The company that owns Instagram and Facebook predicted revenue of $30 billion to $32.5 billion for the holiday quarter.
On top of a 55% decline since the beginning of the year, the stock dropped almost 12% in after-hours trading on Wednesday.
Slowing recruiting and prioritising social media and virtual reality has saved expenditures for the corporation.
Meta has revamped a number of crucial aspects of the company this year.
Its short-form videos, called Reels, are meant to increase user engagement and revenue opportunities on the app.
Meta is losing billions on the project, and the corporation anticipates even greater losses on the metaverse wager in the next year.
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