Meta Result: Facebook’s parent company Meta has released its third quarter results after which its shares have taken a hit. In the third quarter (July-September), there has been a sharp decline in the profit of Meta. This has come down to $4.4 billion from $9.2 billion in the same quarter last year. Apart from this, if we look at the company’s revenue, it has fallen by 4 percent from the same quarter last year. Meta’s revenue fell to $27.71 billion from $29.01 billion in the same quarter last year.
Mark Zuckerberg asked to focus on 2023
The company has been facing a challenging environment for some time now as its advertising revenues registered a decline. The company’s CEO Mark Zuckerberg has called it a challenge and said that the year 2023 is being focused.
Facebook’s active users increased by two percent
Meta reported that the number of active users on Facebook in the month increased by two percent to $2.96 billion at the end of September. Meta has increased its number of employees by 28 percent to 87314. While presenting the quarterly results, Meta said that the company is focusing on working with more skills and for this it is also making important changes in the company’s board.
Why did Meta results fall?
There has been a sharp decline in Meta’s earnings due to heavy investment in Metaverse. Mark Zuckerberg founded Metaverse a year ago to promote the world of virtual reality. However, Meta’s virtual reality division reported a loss of $3.67 billion in the third quarter, which is a big reason for its poor results.
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