Meta Platforms ( NASDAQ:META )
As of 11:41 a.m ET, shares of Meta Platforms ( NASDAQ:META ) have increased by 4.9%. Despite a story in The Wall Street Journal that said Meta is falling short of internal corporate predictions for user growth in its metaverse platform, Horizon Worlds, the firm saw increases.
The stock’s low value before the release of third-quarter earnings was enough for investors to brush off the bad news. After dropping 60% this year, Meta stock price seems oversold.
What’s the Reason?
Mark Zuckerberg, CEO of Meta, is putting many resources into developing the metaverse even though the firm is shifting to short-form video formats and dealing with the fallout from Apple’s iOS privacy rules on its advertising business. The original goal for Horizon Worlds was 500,000 MAU by the end of the year, but now Meta stock is aiming lower at 280,000.
The digital advertising industry, from which Meta Platforms ( NASDAQ:META ) derives almost all of its income, has relatively low expectations. The income of the social media behemoth fell by 1% compared to the same period a year ago. The popularity of TikTok, a competitor to Meta, skyrocketed during the epidemic and has since been more formidable.
What’s Next?
What the metaverse will be, how it will be used, and when it will be ready for the...
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