- by theguardian
- 04 Dec 2022
Stocks in the company fell at least 8% in after hours trading.
Struggling to compete with the growing power of TikTok, Meta also invested heavily in its short form video content product Reels, but has previously struggled with monetization. The losses reported on Wednesday show that Meta has focused perhaps too intently on its new ventures, said Debra Aho Williamson, a principal analyst with Insider Intelligence.
Meta announced in September a staff hiring freeze and potential restructuring, leaving many to brace for layoffs. This comes after its July earnings report, when it projected its first revenue drop since going public in 2012.
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