The company posted its second consecutive revenue decline in a row. It has lost half a trillion dollars in value.
The company reported quarterly revenue of $27.7 billion, down more than 4% from a year ago, after posting a 1% decrease last quarter.
Alphabet, the parent company of Google, and Snap have also reported poor performances due to poor economic performances.
Meta Stock over the past 1 year IMAGE: Apple Stock TrackerMeta was more optimistic about the future, reporting:
We expect fourth quarter 2022 total revenue to be in the range of $30-32.5 billion. Our guidance assumes foreign currency will be an approximately 7% headwind to year-over-year total revenue growth in the fourth quarter, based on current exchange rates.
To provide some context on the approach we are taking towards setting our 2023 budget, we are making significant changes across the board to operate more efficiently. We are holding some teams flat in terms of headcount, shrinking others and investing headcount growth only in our highest priorities. As a result, we expect headcount at the end of 2023 will be approximately in-line with third quarter 2022 levels.
We have increased scrutiny on all areas of operating expenses. However, these moves follow a substantial investment cycle so they will take time to play out in terms of our overall expense trajectory. Some steps, like the ongoing rationalization of our office footprint, will lead to incremental costs in the near term. This should set us up well for future years, when we expect to return to higher rates of revenue growth.
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