When Meta posted sharply higher costs but gave a weak revenue forecast late Wednesday, investors got spooked
Shares of Facebook's Parent Company Meta Plunge 22% on Lower Profits
The metaverse is sort of the internet brought to life, or at least rendered in 3D. Meta CEO Mark Zuckerberg has described it as a “virtual environment” in which you can immerse yourself instead of just staring at a screen. Theoretically, the metaverse would be a place where people can meet, work and play using virtual reality headsets, augmented reality glasses, smartphone apps or other devices.
“It is time for a reality check on Meta’s position for the metaverse,” said Raj Shah, an analyst at the digital consulting firm Publicis Sapient. “The metaverse is a long way from being profitable or filling the gap in ad revenue after Apple’s policy change.” Analysts, on average, were expecting earnings of $3.85 per share on revenue of $33.36 billion, according to a poll by FactSet.last fall to emphasize Zuckerberg’s new focus on the metaverse. Since then, the company has been shifting resources and hiring engineers — including from competitors like Apple and Google — who can help realize his vision.
This could be spooking investors, who tend to prefer immediate, or at least quick, results on investments.
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