Meta's first quarterly revenue decline happened earlier this year. Meta's financials aren't inspiring a lot of faith in its investors. The CFO of Meta pointed out on the earnings call that some of the decline in revenue is due to inflation. Net income was just $4.395 billion, down from $9.194 billion.
Meta has invested a lot in the metaverse. Meta's virtual reality division, Reality Labs, lost millions of dollars this quarter. The CEO justified a $3 billion loss by saying that the 2030s will be exciting.
The next computing platform still has a long way to go. We are doing leading work here. It will take a few versions of each product before they become mainstream, according to the CEO. 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 as well as the foundation for the long term of our business
Meta dropped the news that it will launch its next consumer-grade headset next year, which is responsible for some of the costs. This week, Meta shipped its first high-quality headsets.
Meta has a plan for the metaverse. Meta is "iterating on out in the open" about the company's social virtual reality platform. The platform was called an "early product" by him.
It has a long way to go before it is what we want it to be. We need to get that into the product and continue to innovate on that.
He talked about Meta's commitment to the development of virtual reality and augmented reality.
Some updated figures were shared by Facebook's founder. He said that there are more than 140 billion Reels plays on Facebook andInstagram, which is 50% more than six months ago. Each platform has a revenue run rate of $3 billion. Meta has stated in the past that it is investing in artificial intelligence to compete with platforms.
Next year will see hiring slow. 3,700 net new employees were added by the company in the third quarter.
Wehner expects hiring to slow dramatically going forward and to hold the headcount roughly flat next year.
Meta announces legs
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