Monday, December 5, 2022

Facebook group meta with massive profit slump

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Stock crashes

Facebook group Meta with a profit slump of more than 50 percent

The development of the Metaverse consumes a lot of money. At the same time, Facebook is breaking away from advertisers. With inflation and a bleak economic outlook, they are spending less money on online ads.

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Facebook founder Mark Zuckerberg’s meta group has suffered a sharp drop in profits. (archive image)

The decline in sales at the Facebook group Meta accelerated in the past quarter. Revenue fell 4 percent year-on-year to $27.7 billion, Meta announced after the US market closed on Wednesday.

The bottom line is that profits fell by 52 percent to around 4.4 billion dollars. The sales forecast also disappointed investors. They temporarily dropped the stock by around 12 percent in after-hours trading.

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