Mark Zuckerberg’s bet on the metaverse is off to an expensive start
Among the concerns: Facebook’s daily active users declined from 1.93 billion last quarter to 1.92 billion, a change that Zuckerberg attributed in part to increased competition from TikTok. “We're in the middle of a transition on our own services towards short form video like Reels,” Zuckerberg said. “Reels is now our fastest growing content format by far.” But he added that Reels doesn’t yet monetize as well as Stories or feeds.
Facebook's revenue growth is also expected to slow in the coming months. Though its ad business is still incredibly profitable — it made $32.6 billion in the last quarter — the company warned that Apple’s iOS 14will have a significant impact in the next quarter. “The accuracy of our ads targeting decreased which increased the cost of driving outcomes,” COO Sheryl Sandberg said on the call.
Until then, though, Apple's ad targeting changes could be as money-sucking as its metaverse investments."We believe the impact of iOS overall as a headwind on our business in 2022 is on the order of $10 billion," CFO Dave Wehner said."So it's a pretty significant headwind for our business." All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
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