Meta’s stock has lost more than half its value since the start of this year.įor breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. at $169.58 on Wednesday in the regular trading session. Susan Li, currently vice president of finance, will replace him as CFO. Meta said Wehner is being promoted to chief strategy officer, where he will oversee the company’s strategy and corporate development. “This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty,” finance chief David Wehner said in a statement. Meta forecasts revenue of $26 billion to $28.5 billion for the current quarter, which is below Wall Street’s expectations. “Expect Meta’s decline to continue until Meta can monetize the metaverse, and begin another Meta-reverse,” Shah said. The company is investing billions in its metaverse plans that will likely take years to pay off - and as part of its plan renamed itself Meta last fall. CEO Mark Zuckerberg has described it as an immersive virtual environment, a place people can virtually “enter” rather than just staring at a screen. It wants to evolve from a provider of social platforms to a dominant power in a nascent virtual reality construct it calls the “metaverse” - sort of like the internet brought to life, or at least rendered in 3D. Meta is in the midst of a corporate transformation that it says will take years to complete. She added that the good news - if it could be called that - is that Meta’s competitors are also experiencing slowdowns. Now, it’s unlikely to reach that figure.” Discover why Chief Architect is the home design software product of choice for 2D and 3D design. Unblock to modify components to suit your design. The Bedrooms Catalog contains pre-configured bedroom designs that can be placed in a plan to quickly illustrate a space. “Prior to these results, we had forecasted that Meta’s worldwide ad revenue would increase 12.4% this year, to nearly $130 billion. Chief Architect is a professional 3D architectural home design software. “The year-over-year drop in quarterly revenue signifies just how quickly Meta’s business has deteriorated,” said Insider Intelligence analyst Debra Aho Williamson in an email. Revenue was $28.82 billion, down 1% from $29.08 billion a year earlier.Īnalysts, on average, were expecting earnings of $2.54 per share on revenue of $28.91 billion, according to a poll by FactSet. That’s down 36% from $10.39 billion, or $3.61 per share, in the same period a year ago. Meta earned profits of $6.69 billion, or $2.46 per share, in the April-June period.
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