Meta says it will lose even more money on the metaverse in 2023
But CEO Mark Zuckerberg said investing in “the next computing platform” remained a top priority. “This is a massive undertaking and it's often going to take a few versions of each product before they become mainstream,” he said. “But 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.
At the same time, he also warned that the company could face “near-term challenges on revenue.” The company reported $28 billion in revenue for the quarter, which was in line with analyst expectations, but “still behind where I think we should be,” according to Zuckerberg. Zuckerberg also confirmed that Meta would continue to slash hiring as it deals with slowing revenue growth. “Some teams will grow meaningfully but most other teams will stay flat or shrink over the next year,” he said. “In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today.”
On the other hand, Meta’s “family of apps” has continued to grow, and Zuckerberg reported new milestones for both Instagram and WhatsApp: Instagram has 2 billion monthly active users, while WhatsApp now has 2 billion daily active users."There's been a bunch of speculation about engagement on our apps and what we're seeing is more positive,” he said.All products recommended by Engadget are selected by our editorial team, independent of our parent company.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stowe Story Labs Sets 2022 Launch Fellows; Filmmakers Receive Creative Development Funds And MentorshipStowe Story Labs is pleased to announce this year’s Stowe Launch fellows. This is the second year of the pilot program, which is Stowe Story Labs’ advanced development program for top emerging screenwriters and filmmakers
Read more »
LBank Labs Invites Czhang to Join as Investment Group Member – Press release Bitcoin NewsPRESS RELEASE. Internet City, Dubai, Oct. 26, 2022 — Crypto Investment Group, LBank Labs, welcomes new member Czhang to their investment committee team.
Read more »
Privacy-focused Oasis Labs partners with Equifax for on-chain KYCEquifax's identity, fraud, and compliance data will be used by Oasis Labs to build decentralized identity management and KYC for Web3 firms.
Read more »
ParaFi backs Thala Labs’ $6 million raise to build DeFi stack on Aptos: ExclusiveThala Labs raises $6 million to build DeFi applications on Aptos and is already working on a decentralized stablecoin.
Read more »
Many U.S. labs cannot test for Ebola strain behind Uganda's swelling outbreakThe Biden administration is racing to expand the number of U.S. labs that are able to test for the virus behind a swelling Ebola outbreak in Uganda.
Read more »
Crypto-Friendly Rishi Sunak Appointed UK Prime Minister Following Truss ExitRishi Sunak, who shepherded the U.K.’s new crypto ambitions during his time as finance minister, will be the country’s next prime minister following Liz Truss’ exit from office last week. Millicent Labs co-founder Kene Ezeji-Okoye discusses the move and what this means for crypto. Plus, his outlook for a digital pound and private stablecoins.
Read more »