Richard Lachman, an associate professor at Toronto Metropolitan University, says the company has pushed aggressively into things like expensive virtual reality headsets because they need a "killer app" to drive people into their version of the metaverse WATCH | What is the Metaverse and why is Facebook jumping into it? rebranded itself as Meta to showcase its belief that its future lies in the metaverse, a virtual, mixed and augmented reality universe that exists entirely online. It was roughly this time a year ago that the company, then known as Facebook Inc. The company was once an advertising colossus, but in recent months financial results show upstart rivals like video-sharing website TikTok are monopolizing an increasing number of the eyeballs that once belonged to Facebook or its other service, Instagram. As recently as February they were worth more than $300 apiece, enough to make the company one of only a handful in the world with a $1 trillion valuation. Meta shares were changing hands at just above $100 a share on Thursday morning, a level they haven't seen since 2016. That's two straight quarters of declining revenue and the company is forecasting the same to happen in the current one, which was enough to send investors running for the exits. Meta reported Wednesday that it took in $27 billion US in revenue last quarter, down from $29 billion previously.
Shares in the company formerly known as Facebook lost more than 20 per cent of their value on Thursday morning, after the social media company posted quarterly results that showed its core business is slowing even as it's spending billions of dollars trying to become a leader in the metaverse.
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