Meta / Facebook Gets Killed
I am dropping this mini-issue to help all of us learn why....
A few weeks back I wrote about the metaverse and how merchants need to take a cautious approach to it. Learn, test, but don’t jump in with both feet. Follow this link to see that issue.
Meta Platforms, Inc. / Facebook announced earnings and their forecast this week and it was highly disappointing in terms of spending, growth potential, the impact of meta investments and Tik Tok competition. Their stock plunged and on paper lost about $230bn of value. Jeez.
For any of us that uses Facebook as a core marketing vehicle, these results are highly concerning. I wanted to share some third-party info to help all of us learn what happened, why, and what is the potential impact on the future of Meta/Facebook.
Here is the CNBC overview of what happened:
Facebook stock plummets 26% in its biggest one-day drop ever
Next, here is a link to their earnings call transcript to see exactly what was said by the Meta exec team including Zuckerberg:
Here is a good summary of their earnings and earnings call content:
From the New York Times:
6 Reasons That Meta is in Trouble
Here’s a tweet from a former Facebook exec…note the comment “the metaverse is 10 years out”.
There is plenty of other info out there. It’s worth watching as this huge, new development unfolds.