The source – investor.fb.com
The division of Meta Reality Labs, which develops the meta universe, lost $2.8 billion in the second quarter of the year. Total revenue at its parent company, Meta, fell 36 percent to $6.7 billion. Facebook predicts that it may fall even more in the third quarter.
The global economic slowdown has forced advertisers to cut spending. The decrease in the company's income is associated with this. But despite the fact that Meta's revenues are falling, the company managed to increase the number of daily Facebook users worldwide by 3% to 1.97 billion.
Meta is redesigning Facebook and Instagram to focus on short videos and posts that the system recommends to people. Zuckerberg said during a call with analysts that the percentage of recommended content people see on Facebook and Instagram will double next year.
He said the company saw "engagement trends" that exceeded expectations, largely due to increased video consumption. That means Reels, the company's short-form video format for TikTok, is monetizing faster than Stories.