No need to beat around the bush, Facebook-turned-Metaverse, into which Meta has been investing tens of billions of dollars is fantastic…-ally bad.
“As consumers’ viewing behaviors are shifting to short-form video, we are shifting our focus to Reels on Facebook and Instagram,” Facebook explains. Live shopping will still be available on Instagram.
Meta’s revenues fell to 28.8 billion dollars, while net profits plummeted by 27%, to around 6.7 billion dollars. This marks the end of an era for Facebook, which has been on a consistent rise since 2012.
At a recent and eagerly awaited press conference, Facebook founder and CEO Mark Zuckerberg announced that the company will henceforth be called Meta, shifting its focus from a social network to a metaverse, i.e. a virtual-reality space.
Mark Zuckerberg was no longer among the five richest people in the world on Tuesday, all because of the Facebook, Instagram and WhatsApp crash.
Facebook owner and CEO Mark Zuckerberg said in an interview with The Verge that in five years Facebook no longer wants to be a social media company.
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