Facebook's Parent Company Revenue Drops 4% in Q3 2022: Is the Metaverse to Blame?

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Cindy Mutia Annur 02/11/2022 11:30 WIB

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Facebook's parent company, Meta Platforms Inc. (Meta), reported revenue of US$27.71 billion, or approximately Rp433.02 trillion, in the third quarter of 2022 (using an exchange rate of Rp15,627/US$).

Facebook Parent Company Revenue (Q1 2010 – Q3 2022)

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Facebook Parent Company Revenue (Q1 2010 – Q3 2022)

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Meta Platforms Inc. (Meta) reported revenue of US$27.71 billion, or approximately Rp433.02 trillion, in the third quarter of 2022 (using an exchange rate of Rp15,627/US$).

However, revenue for the parent company of Instagram, Facebook, and WhatsApp, fell by 4.46% year-on-year (YoY). Meta's revenue also decreased by 3.84% compared to the previous quarter (QoQ).

According to TechCrunch, this revenue decline is largely attributed to Meta's significant investment in the metaverse.

Reality Labs, Meta's virtual reality division, recorded a loss of US$3.672 billion in the third quarter of 2022. This mirrors the third quarter of 2021, where the Facebook parent company experienced a loss of US$2.63 billion.

Meta CEO Mark Zuckerberg stated that the business industry is currently facing numerous challenges, including macroeconomic issues, competition, advertising challenges, and others. Despite this, he believes the company has managed its family of apps quite well amidst its ongoing experiments.

"Reels is working, search is working, all the ads are working based on signals, the messaging business is working, I -- we can't tell you now how big the scale is. But I think each of these things is going in the right direction," Zuckerberg said in a press release on Wednesday, October 26.

"Clearly, the metaverse work is a longer-term set of efforts that we're working on. But I don't know. I think that will work out too," he added.

Furthermore, Meta's employee recruitment is reportedly set to slow significantly next year. The company added 3,700 new employees in the third quarter of 2022, down from 5,700 additions in the previous quarter.

"We expect hiring to slow dramatically going forward and to maintain a roughly flat headcount next year compared to current levels," said Meta CFO David Wehner.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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