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Meta Stock Rises After Hours on Metaverse Expansion, Defying Slow Growth
Meta posted its slowest quarterly growth since the company went public a decade ago The web version of the platform's Metaverse will launch this year, Zuckerberg said Six months after Facebook rebranded, Meta Platforms reported its slowest quarterly growth since the company's IPO in 2012. The weak quarterly revenue gain marked Meta's lowest since the social media company's revenue rose 7% in the first quarter of 2022. The company's Reality Labs division, which makes virtual and augmented reality infrastructure and software, exceeded expectations for the first quarter. The unit generated $695 million in revenue and exceeded...
Meta Stock Rises After Hours on Metaverse Expansion, Defying Slow Growth
- Meta verzeichnete das langsamste Quartalswachstum seit dem Börsengang des Unternehmens vor zehn Jahren
- Die Webversion des Metaverses der Plattform wird dieses Jahr starten, sagte Zuckerberg
Six months after Facebook rebranded, Meta Platforms reported its slowest quarterly growth since the company went public in 2012.
The weak quarterly revenue gain marked Meta's lowest since the social media company's revenue rose 7% in the first quarter of 2022.
The company's Reality Labs division, which makes virtual and augmented reality infrastructure and software, beat expectations for the first quarter. The unit posted revenue of $695 million, beating analysts' expectations of $683 million Results report.
The company will continue to invest heavily in its Metaverse projects, CEO Mark Zuckerberg said during Meta's earnings call on Wednesday. Horizon Worlds, Meta's digital ecosystem that will allow users to sell virtual assets and experiences, is scheduled to launch online this year.
“Our other focus for Horizon is building the Metaverse economy and helping developers make a living working in the Metaverse,” Zuckerberg said. “We expect to be significantly better at monetization than others in this space.”
Meta reported 3.64 billion monthly users for its family of apps, which includes Facebook, Instagram, Messenger and WhatsApp, during the first quarter - a 6% increase from a year ago.
In addition to expanding into the metaverse and creator economy, Meta hopes to improve its Reels advertising options amid increasing competition from other video-based social media apps, said Sheryl Sandberg, Meta's chief operating officer.
Meta continues to consider regulatory risks related to privacy and data protection, Sandberg added in response to a question during the conference call.
“Overall, the regulatory environment is a real challenge for our industry,” said Sandberg. “We think we are well positioned to meet [requirements by] working closely with regulators and doing things in our technology like privacy enhancing technologies to do more with less data, but we expect that this will continue to be a significant challenge not just for us but for our entire industry.”
Meta stock, which has fallen 48% since the beginning of the year, traded about 19% higher in after-hours trading following the earnings report.
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The post Meta Stock Soars After Hours on Metaverse Expansion, Defying Slowing Growth is not financial advice.