Parent company Meta reports revenues of $33.67bn but warns it faces ‘headwinds’ from competition and shift of engagement
Meta, the company formerly known as Facebook, became the latest tech company to suffer a dramatic share price slump on Wednesday as it reported higher costs and slowing growth.
Reporting its first earnings under its new name, the social media company revealed it had spent $10bn on its vision of the future – the “metaverse” – and warned it faced “headwinds from both increased competition for people’s time and a shift of engagement”. Meta’s share price dropped 20% in after-hours trading, a fall that would represent $175bn in value if it holds when trading starts again on Thursday.
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Originally posted in the guardian.
