Meta’s Metaverse Mess

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.2 • 5.8K Ratings

🗓️ 1 November 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

About a year after Mark Zuckerberg rebranded Facebook as Meta Platforms Inc., internal documents show the company's transition to the metaverse is not going smoothly. WSJ’s Salvador Rodriguez explains how glitchy technology and declining monthly users are complicating Meta’s big metaverse push. Further Reading: -Company Documents Show Meta’s Flagship Metaverse Falling Short -Facebook Parent Meta’s Earnings Fall Short as Revenue Decline Accelerates Further Listening:-How to Build a Metaverse Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The company formerly known as Facebook released its quarterly financial results last Wednesday.
0:13.8	And our colleague Salvador Rodriguez says it wasn't pretty.
0:17.5	The numbers during the earnings call were not good.
0:22.7	It was only the second time in the company's history that revenue has declined.
0:27.7	Meta, coming off its worst week in history, out came the quarter of the results and they
0:31.9	were disappointing.
0:33.8	And again I told you about Meta.
0:35.7	It's a Meta mess.
0:37.1	After the numbers came out, Meta's stock plummeted.
0:40.6	It's now down 70% from where it was a year ago.
0:44.4	Meaning the tech giant that was once worth over a trillion dollars is now worth less than
0:49.6	250 billion.
0:52.6	One reason for the lackluster results is Meta's big bet on the Metaverse.
0:57.5	The virtual reality world that the company sees as its future.
1:02.3	Meta has invested billions of dollars on VR headsets and a virtual platform called Horizon
1:07.2	Worlds.
1:08.2	But so far, it hasn't seen much success.
1:12.0	If I had to sum it up, I would say it hasn't been a hit.
1:16.1	It's just full of bugs.
1:18.0	People haven't stuck around for it.
1:19.7	And the people who try it, you know they have issues.
1:25.6	Welcome to the journal, our show about money, business and power.
	...

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