Mark Zuckerberg cut enough costs last quarter at Meta to bolster margins well past expectations. That positions it nicely against competitors pivoting to AI. The issue is that Meta’s metaverse project doesn’t look as fresh, says AnitaRamaswamy:
Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing in Washington, U.S., October 23, 2019.is a full generation younger than its Big Tech peers, and it’s looking pretty fresh, too. A recent slowdown in advertising caused the company to shrink after years of double-digit annual growth. Chief Executive Mark Zuckerberg promised to cut 21,000 jobs, and his efforts are starting to pay off.
The company's first-quarter profit announced on Wednesday beat analysts’ expectations, sending shares of the $530 billion company up 12% in after-market trading. A 3% year-over-year boost in revenue, the first such increase the company has had in a while, was a pleasant surprise. Its operating margin dropped from last year as an increase in costs outpaced the rise in sales. But the market was expecting margins lower than the 25% the company reported.
That’s a good sign that Meta is weathering what could become a difficult advertising environment – and nearly all of the money the company makes comes from that business. The trouble is that there are cracks in its core. In order to grow ads 26%, the company had to slice the average price per ad by 17%. That suggests Facebook can’t command as much of a premium for eyeballs as it previously could.
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