Published , by Morgan Shaver
Published , by Morgan Shaver
It’s something of an understatement to say that Facebook parent company Meta has been having a rough go of it in 2022, with outlets like CNBC reporting that shares of Meta have fallen approximately 73 percent over the past year.
Not only that, but Meta has now earned itself the title of worst S&P 500 performer for 2022, trailing the likes of Align Technology, Generac Holdings, SVB Financial Group, and Match Group.
As noted by CNBC, Meta has been struggling with a number of challenges that have spooked investors including its “second straight quarterly sales drop” and “weak fourth-quarter guidance” that fell below analyst expectations.
Additionally, Meta has been struggling when it comes to its metaverse, with Facebook’s Reality Labs losing a staggering $3.67 billion in Q3 2022 alone, and $9.4 billion so far in 2022. Meta noted in its Q3 2022 earnings report that it anticipates these losses to “grow significantly” in 2023.
Overall, it’ll be interesting to see how Meta handles the difficulties it’s faced in 2022 as we enter 2023. Especially given how Meta is already anticipating losses to continue to grow in 2023, though it does have some things lined up for 2023 that may shake things up, including the reveal of its next Quest HMD consumer model.
For more on this and other Meta-related news, be sure to read through our previous coverage of the aforementioned reveal of Meta’s next Quest HMD consumer model in 2023, Facebook Reality Labs losing $3.67 billion during Q3 2022 with more losses anticipated in 2023.