Meta's Reality Labs unit, which is responsible for developing the nascent metaverse, lost $13.7 billion in 2022. Still, Meta has plenty of challenges ahead, in terms of both costs and reviving its core ad business. One of Zuckerberg's top deputies, technology chief Andrew "Boz" Bosworth, wrote a personal essay just a few days ago echoing that sentiment. Zuckerberg is selling investors on a story they want to hear, acknowledging that the company got bloated and needed more financial discipline.
In looking to the future, Zuckerberg struck a realistic tone. "And then obviously that changed very dramatically in 2022, where our revenue was negative for growth, for the first time in the company's history." "The first 18 years I think we grew it 20%, 30% compound or a lot more every year," Zuckerberg said on the earnings call. Rather, Zuckerberg's commitment to cost cuts and efficiency is a sign that increasing profitability is important to Meta, which was known as a growth machine prior to last year's slump. And the forecast range for the first quarter suggests that year-over-year revenue could increase, but it could also fall again. Meta reported better-than-expected revenue in the fourth quarter, but sales still sank 4% from a year earlier, marking the third straight quarterly decline. Growth is not what's getting investors excited. Based on after-hours pricing, Meta is trading at its highest since July. Personal Loans for 670 Credit Score or Lowerįollowing a 64% plunge in Meta's share price in 2022, Wall Street cheered the report, sending the stock up almost 20%, extending a rally that began late last year. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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