Africa-Press – Mauritius. The ‘holding’ Meta, which controls Facebook, presented, this Wednesday, quarterly results, with a sharp drop in profits, which happens for the second consecutive quarter, due to the drop in advertising revenues, caused by competition from the popular video platform TikTok.
Meta’s disappointing results followed similarly weak results from Google’s holding company Alphabet and Microsoft this week. Meta’s revenues in the third quarter of the year, year on year, were down four percent to $27.7 billion, but profits were down 52% to $4.4 billion.
Some investors are concerned that Meta is spending too much money and confusing people with its focus on the Metaverse, a confusing concept of virtual and augmented reality; I few people understand, at the same time it is faced with the reduction of advertising revenue.
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