Investors weren't pleased with the company's profitability—even after anticipating that its shift toward virtual reality and the metaverse would eat away at income.
... [+]Meta’s profitability fell in the fourth quarter, worrying investors who pushed the company’s shares down by more than 20% in after-hours trading on Wednesday.
Its revenue figure did beat projections, though. Meta’s sales reached $33.7 billion, more than the $33.4 billion forecasted. But for the forseeable future, Meta will continue to rely on its core advertising business. Ads accounted for the vast majority of its fourth-quarter revenue, some $32.6 billion.
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