Meta ads revenues slipped to $27.2B in Q3 of 2022, down from $28.2B in Q3 of 2021. The metaverse is getting increasingly expensive, costing Meta almost $3.7B in operating losses in this quarter alone.
Meta spends over 33% of its revenues on R&D in its effort to build the Metaverse.
With Metaverse expenses eating into Meta’s profitability and its ad machine slowing down, Meta’s net profits are less than half of what they were just a year back.
From $9.19 billion in Q3 2021 to barely $4.4 billion in Q3 2022.
Meta’s CAPEX has gotten larger than that of AT&T.
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