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.