Meta Shares Slide After Warning on Economy Impacting Ads

Bloomberg2023-10-26

Company still spending heavily on virtual reality, AIMeta recovered from advertisers’ budget cuts in last yearMeta Platforms Inc. warned that its advertising business depends heavily on the ...

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Tristene
·2023-10-26
Go Meta [Happy]
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Andrewinho
·2023-10-26
Great opportunity!! 👏👏👏
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Third-quarter sales were $34.2 billion, the company said Wednesday, compared with the average analyst estimate of $33.5 billion.Earlier this year, the company cut thousands of employees and a wide range of projects, while sharpening its focus on improving its advertising and algorithms with artificial intelligence. Talk of the metaverse, the virtual reality world that Chief Executive Officer Mark Zuckerberg renamed the company for, has been less frequent, particularly in front of the skeptical investor community.Meta’s core advertising business has returned to growth. On Instagram and Facebook, Meta has been pushing short-form video, which it calls Reels. While that’s helped boost the time spent by users scrolling through the app, Meta’s advertisers are taking a while to get used to the new format.Investors have meanwhile been closely scrutinizing Meta’s spending on projects like virtual reality and artificial intelligence technology. 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Meta thinks this open strategy will help improve the technology faster.At its developer conference in September, the company introduced its first generative-AI features for consumers, including a number of chatbots and image-editing tools for platforms like Instagram and Facebook.At the event, Zuckerberg also broadened his usual commitment to the metaverse, a fully virtual world, to include augmented reality, which overlays computer generated images on the real world. The company announced an updated version of the smart glasses that it developed with sunglass maker Ray-Ban, in addition to its new VR headset, the Quest 3.In Wednesday’s report, Meta said Reality Labs, the division that makes smart glasses and headsets, posted an operating loss of $3.7 billion on $210 million in revenue. 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