Meta’s recently released Q3 2022 financial report shows an increase in daily active users but increased operating costs and a steep 52% income decline.
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The report says revenue has declined by 4% year-over-year. Operating and net income also show a 46% and 52% decline, respectively. Costs and expenses have seen a 19% increase from last year.
After the report’s release, Meta’s stock price dropped by %25.
Meta Founder and CEO Mark Zuckerberg said:
“Our community continues to grow and I’m pleased with the strong engagement we’re seeing driven by progress on our discovery engine and products like Reels.
While we face nearterm challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We’re approaching 2023 with a focus on prioritization and eciency that will help us navigate the current environment and emerge an even stronger company.”
Meta’s AR/VR division, Reality Labs, contributed with a $9.44 billion operating loss. Meta recently released the new VR headset Meta Quest Pro with a price tag of $1,499.
Meta also announced the acquisition of three VR studios, Camouflaj, Armature Studio, and Twisted Pixel Studios, that will now operate under Oculus Studios.
