Canadian Politics Today

Shares in the company formerly known as Facebook lost more than 20 per cent of their value on Thursday morning, after the social media company posted quarterly results that showed its core business is slowing even as it's spending billions of dollars trying to become a leader in the metaverse.
...
It was roughly this time a year ago that the company, then known as Facebook Inc. rebranded itself as Meta to showcase its belief that its future lies in the metaverse, a virtual, mixed and augmented reality universe that exists entirely online.

A year later, the company has spent billions of dollars on the metaverse experiment with very little of substance to show for it.

The company's metaverse-focused unit, called Reality Labs, took in $285 million in revenue during the quarter. But it posted an operating loss of $3.87 billion. It expects that number to get even bigger next year.

Investors are concerned Meta is spending too much money and confusing people with its focus on the metaverse, a concept users don't yet understand or seem to want — at a time when its other cash cows are starting to dry up.