The Los Angeles Post

Meta revenue dips (again)

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Meta’s earnings for the past three months declined compared to the same period last year, marking the second quarter in a row the tech giant saw a dip in revenue after years of growth.

  • Meta, the parent company of Facebook, reported in Wednesday’s third quarter earnings release a revenue of $27.1 billion, representing a 4 percent decrease compared to the same time period last year.
  • After the report was released, Meta’s stock dropped by around 12 percent in after-hours trading.

Meta’s report said the company expects to see revenue in the fourth quarter between $30 and 32.5 billion.

 

The company will also make some hiring changes in some places, hold teams flat, and in other areas, make cuts. Meta predicted its headcount at the end of 2023 will be around in line with the third quarter of this year.

 

The company said it expects operating losses for Reality Labs, the project to expand its virtual reality (VR) services, to “grow significantly” in 2023. After next year, Meta said it expects to pace investments in Reality Labs to “achieve our goal of growing overall company operating income in the long run.”