Facebook became Meta late last year and is now reporting results for the first time under the new name, which is a nod to its push into the metaverse.
$3.67 vs $3.84 expected, according to a Refinitiv survey of analystsFacebook also missed estimates with user numbers.Monthly Active Users :The company, which was recently renamed to Meta, issued disappointing guidance for the first quarter in addition to coming up short on its fourth-quarter profit and user numbers. Facebook said revenue in the first quarter will be $27 billion to $29 billion, while analysts were expecting sales of $30.15 billion, according to Refinitiv.
Facebook said it's being hit by a combination of factors privacy changes to Apple's iOS and macroeconomic challenges. It blamed the lower-than-expected growth in part on inflation and supply chain issues that are impacting advertisers' budgets. There's also a shift to products that don't generate as much revenue as its core news feed. For example, people are spending more time on its Reels videos.
"On the impressions side, we expect continued headwinds from both increased competition for people's time and a shift of engagement within our apps towards video surfaces like Reels, which monetize at lower rates than Feed and Stories," Facebook said. The report is Facebook's first since changing the name of its parent company to Meta, which is a nod to the metaverse. CEO
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