Here's Where Meta Plans to Spend the Most Money in 2023
Investors threw an absolute fit over Meta Platforms' (NASDAQ: META) spending spree on the metaverse this year. As pressure mounted on its digital ad empire (primarily Facebook and Instagram) and its outlays on virtual reality (VR) technology ramped up, Meta's profit margins cratered. In response, traders bid shares of the mighty social media empire down by nearly 70% from their peak.
Investors still have high anxiety about the company's lavish spending goals on the metaverse for 2023, too, and many have been making it clear to CEO Mark Zuckerberg that they'd prefer Meta renew its focus on its bread-and-butter businesses. Not to worry: Meta is doing just that.
Meta's revenue growth came to a screeching halt this year. Through the first nine months of 2022, sales were flat year over year at just over $84 billion.
Source Fool.com
