Mark Zuckerberg told the world last October that he was all in on the metaverse, and that the endeavor that would only get more expensive over time. Now that his company’s stock price has been hammered in recent months, he is dialing back that rhetoric.
Meta will “slow the pace of some of our investments” due to “our current business growth levels,” Zuckerberg said during the company’s first-quarter earnings call Wednesday. Meta’s profits for the first quarter were $7.5 billion, down 21 percent from the year-ago period. Revenue rose 7 percent to $27.9 billion, the slowest growth rate since the company went public a decade ago. Its target expense range for 2022 was lowered by $3 billion.
Make no mistake: Zuckerberg is still spending...
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