The social network is also working on augmented reality glasses and, with Ray-Ban, released its first pair of smart glasses to shoot photos and videos. At Christmas, the Oculus app required to set up the Quest headset toppedĪpp Store, suggesting that people had purchased the headsets over the holidays as a gift. ![]() Though the metaverse concept has been around for years, Meta has been hiring engineers and purchasing VR apps to bolster the creation of its virtual worlds. Facebook's daily active users in the fourth quarter fell from 1.93 billion to 1.92 billion, with the quarterly drop mainly coming from developing countries. On top of that, Facebook is facing more competition from other apps such as short-form video app TikTok. On the radar: Facebook isn’t the only tech firm whose stock is getting hammered in part because of questions about its user base. We've made these types of transitions before with mobile feed and Stories," Meta CEO Mark Zuckerberg said in a call with analysts Wednesday. With Facebook and Instagram down for much of the day on Monday, many social media users used Twitter to share their woes, thoughts and jokes. "I'm confident that leaning harder into these trends is the right short-term tradeoff to make in order to get long-term gains. plunged Thursday, wiping about 232 billion from the technology giant’s market value, the biggest one-day decline for a stock in U.S. The company's rebranding fueled hype around the online spaces where people will be able to work and socialize as digital avatars. Shares of Facebook parent Meta Platforms Inc. Meta is staking its future on a new, immersive iteration of the internet known as the metaverse. ![]() The performance underscores how Meta, which rebranded last year as part of a push toward the metaverse, remains reliant on digital advertising on the Facebook social network and its photo service Instagram. Facebook also reported a decrease of roughly 1 million daily active users, suggesting the social network may be reaching the peak of its growth. However, it earned $3.67 per share, falling short of the $3.84 per share projected by analysts surveyed by Thomson Reuters. In the fourth quarter, Meta posted revenue of $33.7 billion, beating analyst expectations of $33.4 billion. Meta also said the augmented and virtual reality business at the heart of its metaverse plans is generating revenue but is unprofitable. The fall came after an earnings report Wednesday in which the company missed profit expectations and showed a quarterly drop for the first time in the number of daily active users on Facebook.
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