It appears that a certain group of social engineers are finally getting their well-deserved comeuppance. I’m surprised that the fact-checkers aren’t going all out to bury the news.
Meta is in a revenue slump for the long haul. The company sees $30 billion to $32.5 billion for the holiday quarter, missing the midpoint of consensus.
Expenses for 2023 are higher than expected, at $96 billion to $101 billion, as Zuckerberg pursues that metaverse vision.
Reality Labs and other metaverse initiatives are going to keep losing money. Operating loss is $3.67 billion.
Earnings also missed estimates, at $1.64 per share compared to the $1.89 per share estimate.
Zuckerberg says “prioritization and efficiency” are the focus for 2023. Some teams will be downsized, only priority teams get to grow headcount.
