Alphabet, Microsoft and Now Meta Release Disappointing Quarterly Earnings
Meta joined Alphabet and Microsoft in releasing disappointing quarterly financials, following the company’s Q2 earnings call. In a week of a disappointment for mega-cap stocks, the trio has all missed revenue and earnings expectations, with Meta seeing its first quarterly sales decline ever recorded. Economic Slowdown Due to the current global economic slowdown, markets had anticipated that earnings of mega-cap stocks which account for 40% of the Nasdaq, and 30% of the S&P 500 could face a bloodbath. However, although earnings have disappointed, and came in....
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The performance of Meta Platforms during the second quarter of this year was not merely disappointing for Facebook. It is the first time the social media giant has experienced a massive drop in annual income. The company reported on Thursday that its segment, called Reality Labs, which focuses on the metaverse experienced quarterly losses of $2.81 billion. […]
The tech giant is just over $500 million away from topping its more than $10 billion Metaverse department losses in 2021, but it said its spending will only grow next year. Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made....
No one said the shift to web3 would be easy. That’s certainly the sentiment at Meta, which saw drops in sales and profits in their quarterly earnings announcement this week. Reality Labs, the tech-driven division of the company that is focused on VR and AR hardware and software and other metaverse-related verticals, posted a loss […]
The IMF has forecast economic growth to slow from 6.1% last year to 3.2% in 2022, which some believe will have negative consequences for crypto. Investors are warning of further volatility in the digital asset markets as the International Monetary Fund (IMF) forecasts a slowdown in global economic growth.The IMF’s July update on the World Economic Outlook titled “Gloomy and More Uncertain” points to “higher-than-expected inflation,” and a contraction of global output as indicators of incoming poor economic growth. The report states in succinct terms that there are likely economic slowdowns....
Meta seems to be losing it in and it’s only the first quarter. But no, it’s all a part of the break-in period. Meta Platforms Inc. (FB) reported a loss of nearly $3 billion in earnings for the first three months of 2022. The financial report is for Facebook Reality Labs (FRL) that included VR […]