Mark Zuckerberg loses $100 Billion.
The parent company of Facebook, Meta, released its unaudited financial report earlier today. The data in the study pertains to the third quarter of the 2022 fiscal year, which concluded on September 30. Investors in the corporation anticipated it with a certain amount of expectation.
After all, during the past few months, Meta has been aggressively investing in many metaverse-related projects. However, it appears that the company is still not profitable. Evidently, this has an effect on Mark Zuckerberg’s wealth.
Meta’s earnings report shows another decline
The article states that $27.714 billion was Meta’s third-quarter revenue. This is 4% less than the $29.010 billion in the same period the previous year. A 52% decrease from the $9,194 billion in the same period previous year brought the net profit to $4,395 billion. Diluted earnings per share were $1.64, a 49% decrease from $3.22 a year earlier.
After the announcement of the earnings, Mark Zuckerberg, CEO of Meta, issued a statement to assuage investor concerns. The executive is optimistic about the Metaverse’s possibilities. He believes that the Metaverse business will eventually have an impact. Additionally, he claims that people that persevere and invest in Meta will be rewarded.
However, these assertions might not be sufficient. Investors, after all, want to see results today and aren’t particularly keen in making investments in projects that would take a while to pay off. The industry has potential, but we’re not sure if the world is truly ready for it yet.