The CEO of Meta Mark Zuckerberg in a statement said that he started Meta\u2019s earnings call by talking about artificial intelligence. Then he moved onto the metaverse, touting his company\u2019s headsets, glasses and operating system. He spent almost the entirety of his opening remarks focused on the many ways Meta loses money.<\/p>\n
Investors weren\u2019t into it. Meta shares tumbled as much as 19% in extended trading on Wednesday, wiping out more than $200 billion in market cap. The drop came despite Meta reporting\u00a0better-than-expected profit and revenue for the first quarter but Zuckerberg appeared ready for the sell-off.<\/p>\n
I think it\u2019s worth calling that out, that we\u2019ve historically seen a lot of volatility in our stock during this phase of our product playbook where we\u2019re investing in scaling a new product but aren\u2019t yet monetizing it,\u201d Zuckerberg said. He cited past efforts like short-video service Reels, Stories and the transition to mobile.<\/p>\n
Meta generates 98% of its revenue from digital advertising. But to the extent Zuckerberg talked about ads, he was looking to the future and the ways the company could potentially turn its current investments into ad dollars. In discussing Meta\u2019s effort to build a \u201cleading AI,\u201d he said, \u201cThere are several ways to build a massive business here including scaling business messaging, introducing ads or paid content into AI interactions.\u201d<\/p>\n
Zuckerberg then moved onto potential opportunities for expansion within the mixed reality headset market, like a headset for work or fitness. Meta opened up access\u00a0to the operating system that powers its Quest headsets on Monday, which Zuckerberg said will help the mixed reality ecosystem grow faster. He also talked up Meta\u2019s AR glasses, which he called \u201cthe ideal device for an AI assistant because you can let them see what you see and hear what you hear.\u201d<\/p>\n
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The CEO of Meta Mark Zuckerberg in a statement said that he started Meta\u2019s earnings call by talking about artificial intelligence. Then he moved onto the metaverse, touting his company\u2019s headsets, glasses and operating system. He spent almost the entirety of his opening remarks focused on the many ways Meta loses money. Investors weren\u2019t into […]<\/p>\n","protected":false},"author":27,"featured_media":29012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,180,249],"tags":[59,872,871],"class_list":["post-29011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-technology","category-world-news","tag-featured","tag-mark-zuckerberg","tag-meta"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/29011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=29011"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/29011\/revisions"}],"predecessor-version":[{"id":29015,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/29011\/revisions\/29015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/29012"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=29011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=29011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=29011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}