Last quarter, Meta’s Reality Labs unit, tasked with building the metaverse, recorded a $4.28 billion operating loss, bringing the unit’s total losses for 2022 to $13.72 billion. While Meta Platforms (NASDAQ: META) shares.
ZUCKERBERG STAFF TO PRODUCTS META STOCK CRACK
While its core business is mired in an online ad slump, Meta is spending billions of dollars a quarter developing technology for the metaverse, representing a huge and risky bet on a nascent market that’s yet to crack the mainstream. The company’s previous guidance called for sales of between $26 billion and $28.5 billion, which means the streak of revenue drops could end if Meta reaches the top end of the range. The Meta Platforms founder and CEO hit the 100 billion threshold for the first time in 16 monthsputting Zuckerberg close to returning to the ranks of the world’s top 10 richest people. Revenue has declined for three straight quarters, and analysts are projecting another quarterly sales drop when Meta reports its first-quarter earnings next week. Meta shares have soared 81% this year after losing about two-thirds of their value last year. The brutal week for tech stocks continued Thursday as Meta, Facebook’s parent company, shed nearly a quarter of its market value. Wall Street has applauded the downsizing. Meta reported 32 billion of sales and 2.98 earnings per share, beating consensus analyst estimates of 31.1 billion of revenue and 2.91 earnings per share, according to FactSet. (1 min) Meta CEO Mark Zuckerberg on Tuesday described broad job cuts with an internal announcement of the company’s layoff plans expected early on Wednesday. Zuckerberg said cuts in the business groups would take place in late May. Generative AI, technology that creates text and images based on users prompts, has caught the attention of businesses across industries after the popular reaction to the wide release of OpenAI’s ChatGPT chatbot.As Zuckerberg said at the time, the new round of April layoffs targets technical workers.
In recent months, he has reined in spending, trimmed perks. Zuckerberg also encouraged employees to try new ideas at a generative AI “hackathon” the company is planning for July. Zuckerberg is setting a relentless pace as he steers his 450 billion company, which has been renamed Meta, into a new phase. In the filing, Meta said the security expenses were necessary because Zuckerberg faces specific threats as a result of the high-profile nature of. Internal tools like AI chatbots that employees can message and suggest feedback and a productivity assistant called Metamate that can perform tasks. Zuckerberg’s role puts him in a unique position: he is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr.His comments set extremely low expectations for Metas new 1,500 VR headset, the Meta Quest Pro. AI Media Editing: A tool for Instagram stories for people to edit or change their photos with text-based prompts. Mark Zuckerberg said there will soon be a 'trough of disillusionment' around metaverse technology.AI Agents: Chatbots for Messenger and WhatsApp with different personas and usefulness.Zuckerberg and other executives at the meeting walked through specific AI products the company is working on, according to the spokesperson, including: Since announcing spending cuts and its AI focus in recent months, investors have flocked to the stock, which has more than doubled this year, closing at $264.58 Thursday in New York. Management jettisoned 10,000 employees in a drawn-out firing process that left the Menlo Park, California-based company without a tech road map and shook employee confidence in the direction for the business, people familiar with the matter have said.
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