Meta, the parent company of Facebook, recorded a significant decline of more than 50% to reach $ 4.4 billion in the third quarter, compared to $ 9.2 billion for the same period last year.
According to Arabiya Net, the giant social network is facing a stagnation in the number of users, and cuts in advertising budgets, and it indicated that its revenues fell to 27.7 billion dollars from 29 billion dollars last year.
Meta indicated that she intends to make major changes to enhance efficiency in a stressful economic environment.
META CEO Mark Zuckerberg said: We are approaching the year 2023 and our focus is on setting priorities and effectiveness that will help us move forward in the current (economic) environment to strengthen the company's strength.
Meta shares fell by 19.1%, recording $ 105 per share in post-closing trading, a price lower by about two-thirds compared to the beginning of the year.
In a statement to analysts, Zuckerberg pointed to dynamics that pose challenges to the group such as a volatile macro economy, increased competition, lost advertising and increasing costs of long-term investments, stressing that the prospects for our product look, from what I see, better than some comments indicate.
The number of Facebook's monthly active users rose just 2% to 2.96 billion at the end of September, Meta said. The number of employees of the giant group increased to 87,314 employees, an increase of 28% compared to last year, according to its report.
The group's report states: We are making major changes in all divisions to increase operational efficiencies.
The group indicated that it intends to keep the number of employees under control during the next year.
Zuckerberg said that Meta, in its pursuit of the era of expenses, will focus on artificial intelligence, especially in the field of Rails for creating short videos.
