Investors punish Zuckerberg as costly metaverse pitch falls flat

Summary

This article by Chavi Mehta and Katie Paul, writing for Reuters, makes the following points:

• Investors rushed to dump Meta Platforms Inc's stock, pushing it down 20% and wiping $67 billion off its market value.
• The company has posted its fourth straight decline in quarterly profit.
• It also anticipates that operating losses at Reality Labs—the unit responsible for bringing the metaverse to life—will grow 'significantly' in 2023.

References

Recent Runway Posts related to this topic:

• Why Is the Defence Sector Creating the Metaverse | The Runway (airforce.gov.au)

References from the Web:

• OCT 2022 Metaverse-obsessed Mark Zuckerberg refuses to cut costs. It’s no wonder the stock tanked—CNBC
• OCT 2022 Mark Zuckerberg refuses to give up on the metaverse—even after Meta investors have, sending the company’s shares tumbling 20%—Fortune 

Source Information:

• Article Source: Reuters
• Media Check: Reuters - Media Bias Fact Check (mediabiasfactcheck.com)
• RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC | The Runway (airforce.gov.au)