Milestone Alert!Livemint tops charts as the fastest growing news website in the world □ Click here to know more. The fund suggested Meta cap annual investments in the metaverse to $5 billion instead of the current $10 billion. In an open letter to Zuckerberg on Monday, Meta shareholder Altimeter Capital Management called on Meta to streamline by cutting jobs and capital expenditure. The new device still feels like an expensive toy," he said.Īt a time when other tech companies such as Microsoft and Google-parent Alphabet are cutting jobs or slowing hiring, Meta's headcount surged 32% in the third quarter from the end of the second. "People are not rushing out of their seats to buy a VR headset or even watch 360 degree videos. Earnings per share (EPS) missed consensus estimates, down 5. feels like a one big gamble given the economic crisis," said Paolo Pescatore, an analyst at PP Foresight, adding that the journey ahead was going to be "long and painful". Zuckerbergs stake in the company Meta Platforms ( META 0. He said Meta is investing in two other areas: augmented reality and neural interfaces. He spoke about the company's various efforts, including a recently unveiled virtual and mixed reality headset called Quest Pro that is priced at $1,500 and a social metaverse platform where people can express themselves via avatars. eventually mature products at different cadences in different periods of time over the next five to 10 years." ".we're doing leading work that will become. people say: 'Hey, you're spending all this money, and you've produced this thing,' and I think that's not really the right way to think about it." "I know that sometimes when we ship a product. "It would be a mistake for us to not focus on any of these areas that will be fundamentally important to our future," Zuckerberg said on the call. In the July-September quarter, losses at Reality Labs ballooned to a whopping $3.67 billion from $2.63 billion a year earlier. I think everyone would love to hear why you think this pays off." On a post-earnings conference call, Jefferies analyst Brent Thill asked executives: "I think kind of summing up how investors are feeling right now is that there are just too many experimental bets versus proven bets on the core. Analysts on Wednesday called them "confusing and confounding" and Meta's inability to cut costs "extremely disturbing". Zuckerberg pressed on the importance of Facebook’s short-video products in the face of 'unprecedented level of competition', following a stock rout that knocked out a quarter of Metas value. One Meta shareholder had recently voiced concerns calling the company's investments "super-sized and terrifying". Meta’s stock fell 6.3 from 308.15 to 288.64 per share in after-hours trading on Wednesday, after it reported earnings, and it’s down roughly 4.6 since Monday.
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