![]() ![]() He believes Reels is gaining against rival TikTok, he added, with Reels being reshared more than 1 billion times a day. Zuckerberg said plays of Meta's TikTok-like short-video product Reels now number more than 140 billion across Facebook and Instagram each day, up 50% from six months ago, and its revenue run rates are now $3 billion annually. "And I think that those who are patient and invest with us will end up being rewarded." Zuckerberg added that he expected the metaverse work to provide returns over time. Meta executives defended the spending, saying most of the company's expenses were still going toward the core business, including investments in more expensive AI-related servers, infrastructure and data centers. In the meantime, he has had to freeze hiring, shutter projects and reorganize teams to trim costs.Īn analyst on the investor call told Zuckerberg investors were worried that the company had taken on "just too many experimental bets" and asked the chief executive why he believed his gambles would pay off. Meta is carrying out several overhauls of its apps and ads products to keep its core business pumping out profits, while also investing $10 billion a year in a bet on metaverse hardware and software.Ĭhief Executive Mark Zuckerberg has said he expects the metaverse investments to take about a decade to bear fruit. Total costs for the third quarter came in above estimates at $22.1 billion, compared with $18.6 billion the year prior. It also forecast that operating losses associated with the Reality Labs unit responsible for its metaverse investments would grow in 2023 and pledged to "pace" investments after that. That includes an estimated $2.9 billion in charges over the course of both 20 from the office downsizing. Meta also forecast that its full-year 2023 total expenses would be $96 billion to $101 billion, significantly higher than a revised estimate for 2022 total expenses of $85 billion to $87 billion. ![]() More troubling was the company's estimate that fourth-quarter revenue would be in the range of $30 billion to $32.5 billion, mostly under analysts' estimates of $32.2 billion, according to the Refinitiv data. ![]()
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