{"id":21097,"date":"2022-10-30T16:06:17","date_gmt":"2022-10-30T16:06:17","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/facebook-owner-meta-profits-hit-by-ad-sales-slowdown"},"modified":"2022-10-30T16:17:52","modified_gmt":"2022-10-30T16:17:52","slug":"facebook-owner-meta-profits-hit-by-ad-sales-slowdown","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/facebook-owner-meta-profits-hit-by-ad-sales-slowdown","title":{"rendered":"Facebook owner Meta profits hit by ad sales slowdown"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>A year ago, Mark Zuckerberg declared virtual reality the next frontier to drive Facebook\u2019s growth. But so far, there has been very little of it. The company\u2019s share price has plunged, revenues are falling and profits are on the decline.<\/p>\n

The picture worsened on Wednesday, after the company, now named Meta, updated investors on three months ended in September. Sales shrank 4% compared to a year ago to $27.7bn, while profits halved.<\/p>\n

The company, which also owns Instagram and WhatsApp, is struggling as companies cut advertising budgets in the face of economic uncertainty, changes to Apple\u2019s privacy settings undercuts its targeted ads, and competition from rivals such as TikTok heats up.<\/p>\n

Mr Zuckerberg, who founded Facebook at university almost two decades ago, acknowledged the firm faced \u201cnear-term challenges\u201d. He said the company was focused on becoming more efficient and hinted at job cuts, saying the firm may be a \u201csmaller organisation\u201d next year.<\/p>\n

\u201cThere are a lot of things going on right now in the business and in the world,\u201d he said.<\/p>\n

\u201cWe\u2019re going to resolve each of these things.<\/p>\n

.<\/p>\n

. I think those who are patient and invest with us will end up being rewarded. \u201d Investor confidence plunged in February, when the company revealed it had lost daily users for the first time ever.<\/p>\n

Then in July, the company reported its first quarterly decline in revenue, as companies spooked by the economic outlook cut their advertising budgets.<\/p>\n

Shares in the firm are trading roughly 60% lower than they were at the start of the year, wiping hundreds of billions off the company\u2019s value. They slid a further 15% in after-hours trade, as executives warned that improvement would take an improvement in the wider economy.<\/p>\n

Analyst Debra Aho Williamson of Insider Intelligence said the company was on \u201cshaky legs when it comes to the current state of its business\u201d. \u201cMark Zuckerberg\u2019s decision to focus his company on the future promise of the metaverse took his attention away from the unfortunate realities of today: Meta is under incredible pressure\u201d.<\/p>\n

Meta continues to generate large profits \u2013 nearly $4.4bn in the three months ended in September \u2013 and it has also fended off a decline in users. The company said 2.93 billion people were active on one of its platforms daily in the three months ended in September, up from 2.88 billion in the quarter before.<\/p>\n

Although the core Facebook platform is not adding users in the US or Europe, it continues to grow in other parts of the world. Despite its strengths, many investors fear the company has lost its way.<\/p>\n

\u201cMeta has drifted into the land of excess \u2014 too many people, too many ideas, too little urgency.<\/p>\n

This lack of focus and fitness is obscured when growth is easy but deadly when growth slows and technology changes,\u201d investor Brad Gerstner, chief executive at Altimeter Capital, told the firm in an open letter this week, which called on the company to cut staff and scale back its investments in artificial intelligence and virtual reality, also known as the metaverse.<\/p>\n

Facebook\u2019s expenses have ramped up in recent years, as it faced questions about how it was handling the spread of misinformation on its platform and protecting user privacy.<\/p>\n

The company said it was \u201cmaking significant changes across the board to operate more efficiently\u201d and planned to hold headcount flat over the next year.<\/p>\n

That would be a major shift after payrolls surged from about 17,000 at the end of 2016 to more than 87,000, rising 28% just in the last year. But it warned that losses in its Reality Labs unit, which works on virtual reality and has seen revenues drop significantly, were likely to grow.<\/p>\n

Mr Zuckerberg said he remains committed to the project, despite the sceptics. \u201cI get that a lot of people might disagree with this investment but from what I can tell I think this is going to be a very important thing,\u201d he said.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. A year ago, Mark Zuckerberg declared virtual reality the next frontier to drive Facebook\u2019s growth. But so far, there has been very little of it. The company\u2019s share price has plunged, revenues are falling and profits are on the decline. The picture worsened on Wednesday, after the company, now named Meta, updated […]<\/p>\n","protected":false},"author":84,"featured_media":21096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,246,186,245],"class_list":["post-21097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-lesotho","tag-facebook","tag-lesotho"],"yoast_head":"\nFacebook owner Meta profits hit by ad sales slowdown - Lesotho<\/title>\n<meta name=\"description\" content=\"A year ago, Mark Zuckerberg declared virtual reality the next frontier to drive Facebook\u2019s growth. 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