Friday, June 21, 2024

Meta’s growth not so bright, but confident about long-term goals: Mark Zuckerberg.

Meta, formerly Facebook, latest Q1 2022 financial report shows growth but it’s not as bright as it had expected. But CEO Mark Zuckerberg says they are confident about the company’s long-term goals.

The report highlighted that daily active users have increased to 1.96 billion from Q1 2021, showing a 4% growth. Meta’s total revenue year-over-year (yoy) has gone up by 7%. However, total costs and expenses over the same period have surged by 31%. In its last financial report, Meta turned heads as it revealed that it had lost users for the first time in Facebook’s history. This caused the company’s shares to drop sharply and resulted in billions of dollars of loss.

Since rebranding to Meta, the company has pivoted towards the metaverse. It has become the prime focus of research and development. Zuckerberg said Meta has made progress this quarter across a number of key company priorities. He expressed confidence in the long-term opportunities and growth that the company’s product roadmap will unlock. Zuckerberg pointed out that more people use their services today than ever before.

In its long-term opportunities, Meta is looking at the metaverse, including NFTs and a digital currency. The company highlighted that current efforts are a preparation for the upcoming years – the metaverse will emerge as a big market. It’s estimated to be worth over $600 billion by 2026. But Meta is not the only company looking to jump into this space.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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