Friday, 24 March, 2023

Zuckerberg Asks for 'Patience' as Meta's Costs Spook Investors

<p>Meta Platforms Inc. shares fell 22.1% after reporting a second straight quarter of revenue decline amid falling advertising sales and stiff competition from TikTok. Facebook has cut costs by slowing hiring and narrowing priorities. The company changed its social media experiences by prioritizing short-form videos, called Reels, it is dragging on revenue as it cannibalizes other ad spaces. Mark Zuckerberg says it could be 18 months before the app monetizes.</p>