Meta

2022 - 10 - 26

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Image courtesy of "Forbes"

Meta Shares Plummet 20% In Pre-Market After Q3 Revenue Decline (Forbes)

Meta's Reality Labs division, which is leading its metaverse push, reported cumulative losses of $9.4 billion in 2022.

[immediately](https://www.pcgamer.com/mark-zuckerberg-spent-dollar10b-on-the-metaverse-and-all-he-got-was-this-stupid-selfie/) became a subject of memes and internet jokes as people online made fun of the poor visual quality of the metaverse by comparing it to video games from the early 2000s. The report noted that the company had set a target of 500,000 monthly active users for the virtual reality platform by the end of 2022, but this was revised down to 280,000. [reported](https://www.wsj.com/articles/meta-metaverse-horizon-worlds-zuckerberg-facebook-internal-documents-11665778961) that Horizon Worlds was struggling to retain its user base despite being pushed heavily by the company. The image Facebook, however, has fared worse than nearly all major tech stocks as it deals with slowing user growth, competition from rivals like TikTok and the impact of Apple’s new Earlier this month, the Wall Street Journal

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Image courtesy of "CNBC"

Facebook used to be a Big Tech giant — now Meta isn't even in the ... (CNBC)

Last year, Facebook was among the five most valuable U.S. companies, with a market cap over $1 trillion. Now the company is worth about $270 billion.

Next on the list would be [Oracle](/quotes/ORCL/), which is currently valued at just over $200 billion, or $70 billion below Meta. Since [changing the company name](https://www.cnbc.com/2021/10/28/facebook-changes-company-name-to-meta.html) to Meta a year ago Friday, Zuckerberg has said its future is the metaverse, a virtual universe of work, play and education. [Mark Zuckerberg](https://www.cnbc.com/mark-zuckerberg/) has been unable to stop the bleeding and only seems to be making matters worse. [sank 23%](https://www.cnbc.com/2022/10/27/meta-stock-falls-23percent-on-earnings-miss-analyst-downgrades.html) on Thursday. "There's macroeconomic issues, there's a lot of competition, there's ads challenges especially coming from Apple, and then there's some of the longer-term things that we're taking on expenses because we believe that they're going to provide greater returns over time," Zuckerberg said. The stunning collapse of Meta's share price is reminiscent of the dot-com bust days, but far bigger in terms of value erased from a single company.

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