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  <h1 class="vjs-social-title">Share: Biden Meets Pope Francis At Start Of European Diplomatic Tour</h1>
  <h2 class="vjs-social-description">President Joe Biden met with Pope Francis at the Vatican on Friday, kicking off a diplomatic tour across Europe including appearances at the G20 summit in Rome and high-stakes COP26 climate conference in Glasgow,
    Scotland.</h2>
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META SHARES PLUMMET 20% IN PRE-MARKET AFTER Q3 REVENUE DECLINE

Siladitya Ray
Forbes Staff
Covering breaking news and tech policy stories at Forbes.
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Oct 27, 2022,06:37am EDT|

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TOPLINE

Shares of Facebook’s parent firm Meta were down nearly 20% in pre-market
trading, continuing a slide Thursday after the company’s third quarter earnings
released a day earlier fell short of expectations.




Meta CEO Mark Zuckerberg doubled down on the company's metaverse push amid
skepticism from ... [+] observers.

Copyright 2019 The Associated Press. All rights reserved.



KEY FACTS

Early on Thursday morning, Meta’s shares were trading at around $103, down from
$129 when markets closed on Wednesday afternoon.



The social media giant reported quarterly revenue of $27.7 billion—down more
than 4% year-on-year—its second consecutive quarter of revenue decline.



PROMOTED



Meta’s Reality Labs division, which is leading the company’s pivot towards
building a metaverse, reported a $3.7 billion loss in the third quarter,
bringing its total losses so far this year to $9.4 billion.




In its press release, the company also warned it anticipates Reality Labs’
operating losses to “grow significantly” in 2023.

Despite the steep losses, Meta CEO Mark Zuckerberg doubled down on the company’s
metaverse push during the earnings call, saying “people are going to look back
on decades from now and talk about the importance of the work that was done
here.”


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NEWS PEG

Meta has seen its shares slump by more than 60% since the start of this year as
part of a broader tech stock rout amid concerns about an economic downturn.
Facebook, however, has fared worse than nearly all major tech stocks as it deals
with slowing user growth, competition from rivals like TikTok and the impact of
Apple’s new privacy measures for iPhone users on its targeted advertising
business.


KEY BACKGROUND

The company’s expensive metaverse push—in which it is trying to build an
immersive virtual reality world which will allow people to interact with each
other—has drawn some skepticism in recent months as its advertising revenues
face economic headwinds. Earlier this month, the Wall Street Journal reported
that Horizon Worlds was struggling to retain its user base despite being pushed
heavily by the company. The report noted that the company had set a target of
500,000 monthly active users for the virtual reality platform by the end of
2022, but this was revised down to 280,000. At present, the company reportedly
has less than 200,000 active users on Horizon with an internal document calling
it an “empty world is a sad world.” In comparison, Meta’s flagship social
platform Facebook has 2.96 billion monthly active users, while Instagram user
base has also grown to 2 billion, the company disclosed in its earnings call.
Meta’s messaging app WhatsApp is used by 2 billion people every day.


TANGENT

In August, Zuckerberg shared a photo of his digital avatar with 3D renders of
the Eiffel Tower and Barcelona’s La Sagrada Familia church in the background to
celebrate the launch of ‘Horizon Worlds’—the company’s flagship metaverse
product—in France and Spain. The image immediately became a subject of memes and
internet jokes as people online made fun of the poor visual quality of the
metaverse by comparing it to video games from the early 2000s. Zuckerberg
addressed this in Wednesday’s earnings call, saying: “Sometimes when we ship a
product, there is a meme where people say, ‘Hey, you are spending all this
money, and you have produced this thing,’ and it’s – I think that, that’s not
really the right way to think about it.” The Meta CEO added consumers are
presently seeing the company’s “leading work” on what will become a mature
product in five to ten years’ time.




FURTHER READING

Meta Stock Crash Steepens As Facebook Parent Grapples With Recession Fears
(Forbes)


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Siladitya Ray
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I am a Breaking News Reporter at Forbes, with a focus on covering important tech
policy and business news. Graduated from Columbia University with an MA in
Business

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Biden Meets Pope Francis At Start Of European Diplomatic Tour
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SHARE: BIDEN MEETS POPE FRANCIS AT START OF EUROPEAN DIPLOMATIC TOUR


PRESIDENT JOE BIDEN MET WITH POPE FRANCIS AT THE VATICAN ON FRIDAY, KICKING OFF
A DIPLOMATIC TOUR ACROSS EUROPE INCLUDING APPEARANCES AT THE G20 SUMMIT IN ROME
AND HIGH-STAKES COP26 CLIMATE CONFERENCE IN GLASGOW, SCOTLAND.

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