Latest in a series of difficult quarterly earnings reports forced Mark Zuckerberg to defend his virtual reality project
Shares of Meta plummeted on Wednesday after the company announced mixed results in its third-quarter earnings report, alongside billion-dollar losses in the division devoted to its ambitious “metaverse” project.
The Facebook parent company beat analyst predictions for revenue but offered a weak forecast for the upcoming quarter. It posted $27.7bn in revenue for the third quarter, higher than the $27.4bn predicted but 4% less than the same period last year. Its earnings a share, which accounts for expenses, was $1.64 – lower than the $1.89 predicted.
Continue reading…Latest in a series of difficult quarterly earnings reports forced Mark Zuckerberg to defend his virtual reality projectShares of Meta plummeted on Wednesday after the company announced mixed results in its third-quarter earnings report, alongside billion-dollar losses in the division devoted to its ambitious “metaverse” project.The Facebook parent company beat analyst predictions for revenue but offered a weak forecast for the upcoming quarter. It posted $27.7bn in revenue for the third quarter, higher than the $27.4bn predicted but 4% less than the same period last year. Its earnings a share, which accounts for expenses, was $1.64 – lower than the $1.89 predicted. Continue reading…