Meta reports Q3 revenue down 4% YoY to $27.7B, net income down 52% YoY to $4.4B, family daily active people up 4% YoY to 2.93B, and headcount up 28% YoY

MENLO PARK, Calif. - October 26, 2022 - Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2022.

Meta - Investor Relations 2022-10-27

Discussion

@zerohedge @zerohedge on x
Meta has repurchased $42BN of stock in the past 12 months at an average price of $300. It is now trading at $112
@lizannsonders Liz Ann Sonders on x
Lots of talk about how Meta's (Facebook's) decline is not weighing on broader indexes, but perhaps one reason is its weight in S&P 500 has dropped from 2.9% to 1% [Past performance is no guarantee of future results; individual stock shown for illustration purposes] https://twitte…
@shiraovide Shira Ovide on x
So Facebook (erm, Meta) is set to open at a market value of ~$267 billion. The last time its market close value was below this level was *Jan. 2016* And Facebook had $18 billion in annual revenue then vs $118 billion now. (data from S&P Global Market Intelligence)
@munster_gene Gene Munster on x
More details on the investment cycle: Focus will be AI which brings along more servers and datacenter. Capex in 2023 to be $34B-$39B up from about $32B in 2022. Sounds like the upcoming investment phase is not just about the metaverse.
@carlquintanilla Carl Quintanilla on x
Zuckerberg “has overseen a company grow from ‘catch up with what your friends are up to!’ to a discordant social network experience where algorithms constantly attempt to trick you into doing stuff.” $META @edzitron https://ez.substack.com/... https://twitter.com/...
@munster_gene Gene Munster on x
1. Social platform Horizon. How you express yourself in all forms. 2. VR. Consumer and separately work focused products. 3. AR. Large effort mostly internally today. 4. Neural interfaces. Control wearables with your thoughts. It's the most ambitious of their goals.
@conorsen Conor Sen on x
The thing about Zuck is he hasn't had anything resembling a normal life in 15 years, he's almost 40 years old trying to design something cool for young people, and there's nobody in his life or business with the power to tell him no. Seems bad when things aren't going well.
@bgurley Bill Gurley on x
[Dictionary: sunk-cost fallacy]
@malwaretechblog Marcus Hutchins on x
Engineers at Meta get paid about half of their salary in stock and there's a 4 year vesting period. Basically anyone working there is losing insane amounts of money due to Mark's VR pipedream.
@adamsinger Adam Singer on x
Facebook -62% ytd, set to open down another 20%, while Twitter, the site users perpetually love to hate (and yet still always return to) is up like +60% from recent lows. Let's see: a total of zero people predicted this
@richlightshed @richlightshed on x
Why is $META down so much? Revenue growth slowing to a halt and aggressive spending is no longer just about the #metaverse, @meta is being forced to spending heavily on #AI to compete against @tiktok_us — implying core biz is less profitable and more at risk competitively https:/…
@jamesrbuk James Ball on x
Mark Zuckerberg is burning tens of billions of dollars on a product even his own staff don't want to use. It's essentially the most expensive video game in history - but looks like the cheapest. https://twitter.com/...
@shortformernie Ernie Smith on x
Meta has lost almost 20 percent of its value since the stock market closed three hours ago. https://twitter.com/...
@ericjackson Eric Jackson on x
FB below 100
@thestalwart Joe Weisenthal on x
$META now crashing 20% https://www.bloomberg.com/... https://twitter.com/...
@business @business on x
So far investors, who have already sent Meta stock down 61% this year, aren't buying it https://www.bloomberg.com/... https://twitter.com/...
@shiraovide Shira Ovide on x
Oof, great line from @alexbarinka: “It is the only company that's overhauling how its social media platforms work while spending about one in every 10 dollars it generates in sales on a virtual future that's still years off.” https://www.bloomberg.com/...
@snowden Edward Snowden on x
sure laugh at zuckerberg's stock crash but remember that in five years he's gonna own your eyeballs and pause the ads every time you blink https://twitter.com/...
@alexhcranz @alexhcranz on x
a company more familiar with hardware marketing, etc might have realized this is news you hold until after the holiday season. https://twitter.com/...
@antoniogm Antonio García Martínez on x
@kalinh @arty_burton Dude, they fucking hired me to help build the ads system. The mechanics are different when you run the hardware (and I've written about how technically it's innovative) but it's going to do the same sort of targeting FB did. Sorry to burst your bubble.
@mikeisaac Rat King on x
😬 https://twitter.com/...
@gavinsbaker Gavin Baker on x
1) I get the capex guide. That is all about competing with TikTok which is the only thing that matters. The opex guide is just unconscionable and makes Reality Labs less likely to succeed. Lighter is faster. Super-voting stock is so dangerous.
@dougboneparth @dougboneparth on x
Maybe Meta investing $10 billion in a fake reality was a bad idea.
@robenfarzad Roben Farzad on x
$META Platforma — parent of Facebook, Insta, WhatsApp — has plunged after-hours to $115. It was at $380 a little more than a year ago https://twitter.com/...
@modestproposal1 @modestproposal1 on x
You're spending 30% more in capex than the folks building self driving cars, beaming internet to penguins in the galapagos, and also doing Youtube Shorts as a side hustle. It's breathtaking. https://t.co/AStxkfq7L4
@anshelsag Anshel Sag on x
I wonder how long @Meta will continue to falter until it realizes that it needs to think differently and admit it needs help. The products are solid, but many of the strategic and positioning decisions as well as public-facing messaging is really missing bigtime.
@howardlindzon @howardlindzon on x
Really amazing how badly Facebook has executed the last 7 years. No doubt Apple has crushed them as a pipe but so many bad decisions operationally and strategically covered up by a bull market and cheap capital. $fb
@eric_seufert Eric Seufert on x
$META down nearly 10% AH after a bleak Q3 earnings report: revenue down 4% y/y with Q4 guidance of $30-32.5, which, at the high end, would be a 3% decrease y/y. This is ATT. https://mobiledevmemo.com/...
@edzitron Ed Zitron on x
Mark Zuckerberg is killing Meta by making users miserable on their popular products while burning capital on terrible things nobody wants with no oversight. Meta is a mismanaged corporate behemoth run by a clueless goon that loves to be told he's right. https://ez.substack.com/..…
@levynews Ari Levy on x
At its after-hours levels, Meta is trading at its lowest since July 2016, which was four months before the election of Donald Trump as president.
@shiraovide Shira Ovide on x
Yeah, based on Meta's forecast three straight quarters of worsening revenue declines are... the financial term for it is ...not good. https://t.co/1HWwYfd1U2
@munster_gene Gene Munster on x
Zuckerberg says engagement on their apps is better than has been reported in the media. Investors don't care because Zuckerberg is doubling down on the metaverse, and the metaverse is yet to be defined.
@kalinh @kalinh on x
@arty_burton @antoniogm Apple tracks behaviour inside News and App Store to improve advertising inside those apps. FB can still track behaviour inside FB, just the same. Apple doesn't track your behaviour on third party websites like FB does with half the web. Its... apples and o…
@fbbagholder @fbbagholder on x
I am coming to the realization that $META will not curbe down their costs. Or they will in 2024. This is devastating. But in the long term, it doesn't matter. It's clear that FOA is Strong -Increased engagement -Increased DAU/MAU worldwide -Increased Time Spent
@thestalwart Joe Weisenthal on x
Sheryl knew.
@jyarow Jay Yarow on x
I'll never call it Meta.
@karissabe Karissa Bell on x
Wow, on Meta's earnings call just now someone asked “I think kind of summing up how investors are feeling right now is that there are just too many experimental bets versus proven bets ... I think everyone wants to hear what why you think this pays off” $META
@munster_gene Gene Munster on x
The final question on the call: There's too much investing going on, please defend it. Zuckerberg says there is a lot going on in tech (Reels, AI, metaverse) that Meta needs to pursue and he is confident the investments will “reward” investors. Investors will wait and see.
@jamespmcleod James McLeod on x
Man, these are some rough numbers for Meta. Costs are up. Revenues are down. Profits are down 52% from a year ago. Woof. https://twitter.com/...
@verdetrades Vérdé on x
$META tanking faster than Kanye's career📉
@munster_gene Gene Munster on x
Zuckerberg defends his investment in the metaverse. Says it will be a mistake not to spend into it. He outlined the four metaverse platforms they're working on.
@thetranscript_ @thetranscript_ on x
A live $META thread for Q3 22 Earnings call: 1. CEO Zuck: “I have to say that our product trends look better from what I see then some of the commentary I've seen suggests. There's been a bunch of speculation about engagement on our apps and what we're seeing is more positive.” h…
@mikeisaac Rat King on x
wondering what percentage of 401k's is made up of meta stock (or really FAANG stocks in general)
@timothynoah1 Timothy Noah on x
Few corporate failures are as emotionally satisfying as Facebook's crash landing into a metaverse nobody wants to live in. https://www.nytimes.com/...
@jimcramer Jim Cramer on x
Meta: do I hear $103, how about $102, $100, do i see $100 in the back, nope, how about $98? How about preannouncing miss like the honorable NVDIA and AMD did? Do i hear $95?
@mikeinspace Mike In Space on x
With the money Facebook threw away buying back their own stock over the last 12 months, they could have bought Twitter instead. Interesting too that if you bought Facebook stock 5 years ago, you're now deep in the red while Twitter way up in the same time span. https://twitter.co…
@wsbchairman @wsbchairman on x
This isn't a shitcoin. It's Facebook $META https://twitter.com/...
@profitstaken Peter Tarr on x
@unusual_whales $META performing poorly and the metaverse is a gamble sinking billions of shareholders dollars right now. This has been the issue for a long time. $META lost their direction some time ago. https://twitter.com/...
@jeffhorwitz Jeff Horwitz on x
I don't understand why a disappointing-but-expected earnings report would send Meta stock down ~19% after hours. Did people have really high hopes for Quest sales? Stock's down 70% from peak, with P/E in the “large cap insurance company” range.
@jason_kint Jason Kint on x
Here are the overall financials. Revenue down 4% with audience decline in most valuable markets (EU and North America). Hard to tell how much this drop is still being mitigated by increasing ads, growth hacking and normal Facebook shenanigans. Regardless, this hurts. /3 https://t…
@dailydirtnap Jared Dillian on x
I think if you bought META here and didn't look at it for 5 years, you'd be pretty happy.
@edzitron Ed Zitron on x
Zuckerberg lacks the basic empathy and core competency to lead a $300bn company, and he can't be fired. He's the perfect startup bro, disconnected from humanity through an abundance of resources and power, a man who wants for nothing yet wants everything. https://ez.substack.com/…
@bdsams Brad Sams on x
A lot of Msft employees left for Facebook/Meta during the past 5+yrs... curious if the boomerang is starting to come back yet
@dansolomon Dan Solomon on x
Zuckerberg has never ever understood that everyone else's positive feelings about Facebook are “it's where my friends and family are” and they otherwise feel the same way about it as they do their phone company—glad it exists, but not at all connected to the company itself https:…
@rmac18 @rmac18 on x
Kinda wild that some critics wanted Facebook to spend more on content moderation, which would have eaten into profits, and its CEO said nah I'm gonna change the company name and focus, and it still tanked profits.
@rihardjarc Rihard Jarc on x
$META's core business is doing more than fine. User growth is still there despite its enormous size, revenue is trending in line with the industry. But the spending has become a real problem and $META needs to address this. Hope to hear more cost control measures on the call.
@bdsams Brad Sams on x
@MikeIsaac building legs isn't cheap Mike
@arty_burton @arty_burton on x
@kalinh @antoniogm But - notably - Apple does not allow customers to block Apple's access to that data. They get whatever you choose - you only get to block apple's competitors. I can't imagine a more blatant abuse of monopoly - not even the Microsoft Explorer bundling case.
@teroterotero Tero Kuittinen on x
Facebook crashes to June 2016 level as earnings fall far short. Interestingly and surprisingly, FB DAU beat expectations. https://twitter.com/...
@jimcramer Jim Cramer on x
Meta i hardly knew ya..and i thought, foolishly, I did https://twitter.com/...
@howardlindzon @howardlindzon on x
Facebook by mistake should have $250 million monthly paying subscribers at this point which would have given them much better negotiating power with Apple. They have been rendered helpless and in need of government help for growth
@pt Parker on x
People are making fun of Facebook for burning through cash, but good on them for trying to invent the future and worst case this is a much more effective way of redistributing wealth from Capital to working people than anything Bernie has done. https://t.co/gMpMh8pPY9
@alexjamesfitz Alex Fitzpatrick on x
have no fear, legs are coming soon! https://twitter.com/...
@lisaabramowicz1 Lisa Abramowicz on x
Meta's market value has collapsed by $520 billion in the past year and is on the brink of getting booted from the ranks of the 20 largest US companies. It trades at a 50% discount to the Nasdaq 100, the steepest ever, via @Subrat_Patnaik https://twitter.com/...
@ecommerceshares @ecommerceshares on x
$META Flaming dumpster fire 🔥 miss, guide even worse. Rev DOWN 4% yet costs up 19% 😵! Users flat, but average ad price -18% y/y. 🤮 Not Inflation! Capex 2x+. Added 19k employees +28% y/y 😱. Zero cost control. Expects costs to grow from ~$85bn '22 up to $101bn in '23. 🤯 #RIP https:…
@edbott Ed Bott on x
Watching $META shares absolutely tank right now is something. I imagine that $TWTR shareholders are breathing a major sigh of relief right now, because they're about to get $54.20 a share for a stock that would otherwise be more like $20 in this market.
@sarthakgh Sar Haribhakti on x
More than anything else, this tells just how high are expectations are of these giants Meta has forecasted *30-32.5 billion* in revenue in the last three months of this year and investors are freaking out! They have all defied the law of large numbers for the past decade https://…
@edzitron Ed Zitron on x
The only way that Meta can survive is for Zuckerberg to leave. That may one day happen through a combination of board and social pressure, but he will burn $50 billion on a stupid dream and kill Insta/FB's goodwill in the process. https://ez.substack.com/... https://twitter.com/.…
@shiraovide Shira Ovide on x
Tbf the strong US dollar and comparisons to bonkers numbers in peak pandemic times are making the numbers look worse. But the numbers are not great. Which is why most of Meta's news release is about cutting or controlling costs. Google got pressed very hard on this yesterday.
@stillgray Ian Miles Cheong on x
Meta just missed its Q3 earnings target. Horizon Worlds is a massive flop. Investors are saying Meta's saddled with too many useless employees who are doing nothing that they need to trim the fat with a 20% workforce cut. Apple just added an App Store tax on Facebook ads.
@jason @jason on x
oh my lord, $meta / FB getting demolished after hours... Zuck flipping the bird to his investors & spending money like a drunken sailor on VR is the highest-risk bet I think I've ever seen for a tech company oldsters: has any public CEO ever do anything like this before? https://…
@jason_kint Jason Kint on x
now total market cap trading down 70%+ ($700B+) off its high. shareholders suing in Delaware alleging insiders traded while minimizing exposure from data leaks, inflated reach metrics, and other issues probably watching closely. 3 key execs moved to UK, 1 resigned. /4
@jimcramer Jim Cramer on x
When you miss like this, META, you preannounce so you dont mislead
@thetranscript_ @thetranscript_ on x
3. On where CAPEX is going: “Our current surge in Capex is largely due to building out our AI infrastructure, and we would expect capex to come down as a percent of revenue over the long term. We expect reality labs expenses will increase meaningfully again in 2023” $META https:/…
@revshark James DePorre on x
Expectations for $META were not low enough. That is ugly https://twitter.com/...
@thetranscript_ @thetranscript_ on x
5. On ads and ad spending: $META CFO: — $AAPL ATT Challenges have diminished —Ad spending challenged for large advertisers —Smaller advertisers are more resilient https://twitter.com/...
@mmasnick Mike Masnick on x
I find it hilarious that all the big US antitrust bills that were basically written solely to target Meta... no longer would apply to Meta since its market cap has shrunk so much over the past year. I mean, it would need to almost double in value to be covered by some... https://…
@levynews Ari Levy on x
Meta has lost $9.4 billion so far this year on the metaverse. Oh yeah, it's ad business is shrinking, too. $META Meta shares drop on weak fourth-quarter forecast and earnings miss https://www.cnbc.com/... https://twitter.com/...
@pathedger18 Patrick Hedger on x
Got to love that the antitrust hipsters caught the car, loaded the administration with their people, sue Meta with their first move, and then Meta proceeds to tank in value due to market forces.
@antoniogm Antonio García Martínez on x
What happens when your attribution is wrecked because the primary key that joins across everything is maliciously deleted by a competitor? https://twitter.com/...
@teroterotero Tero Kuittinen on x
Ouchie, people were buying above $140 after first headline numbers hit https://twitter.com/...
@mikeisaac Rat King on x
net income literally cut in half year over year
@davewiner Dave Winer on x
The press hounded Facebook, they ran away and tried to be invent something massive and unimaginative. Unfortunately for shareholders, they can't get rid of management so you have to wonder how far this unwinding will go before an intervention. https://s21.q4cdn.com/...
@sarahfrier Sarah Frier on x
WhatsApp has more than 2 billion daily active users!
@munster_gene Gene Munster on x
CFO David Wehner says while headcount will be flat in a year, the company will be going into an aggressive investment cycle. Not what investors want to hear.
@karlbode Karl Bode on x
there was a 25 year span where all we heard about was silicon valley innovation, yet the second they face a popular overseas competitor it's all stumbleshoes and DC lobbying whisper campaigns trying to get this app banned https://t.co/WtOWrfZka0
@munster_gene Gene Munster on x
$META down almost 15% on results. Initially shares were up 8%, then tanked with Zuckerberg commentary that they are increasing investments in the metaverse. Bottom line is Zuckerberg is saying to investors get onboard with the metaverse or go away. Jumping on the call now.
@shiringhaffary Shirin Ghaffary on x
Zuck said that there are 140 billion Reels plays on Facebook and Instagram each day, a 50% increase from six months ago. FB/Insta are heavily promoting Reels on ppl's feeds, not clear how much is organic growth v. this content being pushed on ppl.
@gavinsbaker Gavin Baker on x
Tonight was quite the hold my beer moment. Turns out Ruth is a heroic cost-cutting Ninja with a firm grip on her founders, CEO and board.
@gavinsbaker Gavin Baker on x
Some thoughts after a reread. Revenue and engagement were better. Opex likely to be revised down over time and capex is smart. SkAD 14 will help. Generally wise to take the other side of true hate selling, but there are a lot of good 2-3 year r/r's in the mkt right now.
@levie Aaron Levie on x
Have huge respect for Zuck. But this chart is not how you want a new product division P&L to ever look. https://twitter.com/...
@marionawfal Mario Nawfal on x
Meta also announced plans of a further $10 billion in metaverse investments in the next year. Love em or hate em, respect em 🫡
@firstadopter Tae Kim on x
Investors won't like this: “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year.” Plus Reality Labs revenue for Q3 down 49% y/y with a $3.7 billion loss $META
@jerrycap @jerrycap on x
“We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year. Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run.”
@pkafka Peter Kafka on x
One thing that's up at Facebook is headcount, which (for now) employs 87,314 people. An increase of 28% over the last year.
@sadlyitsbradley Brad Lynch on x
This is worse than I thought... damn https://twitter.com/...
@cixliv @cixliv on x
I saw the investor letter toward @Meta to reduce their “Metaverse” investments. And for once I agree with Zuck. He should dig in. He has no choice. The few things holding back Meta and how they can improve. I say all this with love for the XR space:
@sal19 @sal19 on x
Worth noting that Meta raised the price of Quest 2 by $100 to $400, near the start of Q3. If that price hike led to the lower sales of the device and caused Reality Labs' revenue to decline by almost 50%, you have to wonder what the demand for the $1500 Quest Pro will be
@cixliv @cixliv on x
5/ Marketing: Meta's marketing for their “Metaverse” division is the most tone deaf thing I have ever seen. It's not cool. Nothing about the dorky avatars and tone deaf presentation is going to get people to adopt this technology. Get marketing people from sexy industries.
@tomwarren Tom Warren on x
trying to build the metaverse is costing Meta a lot of money https://twitter.com/...
@alexeheath Alex Heath on x
Meta just reported its third quarter earnings, revenue decreased 4% and active users increased 4%. Stock is down 7% on the news. “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year” Zuckerberg to critics: pound sand
@rsg Bobby Goodlatte on x
Prediction: VR will go mainstream, but after Meta has capitulated They'll spend a huge amount of capital developing the tech, only to see it become commoditized & commercialized by other players One step ahead you're a visionary, two steps ahead you're a martyr https://twitter.co…
@mdudas Mike Dudas on x
do the creators get a 48% credit back? https://www.theblock.co/...
@emilygorcenski @emilygorcenski on x
So Zuckerberg didn't just spent $15B and fail to get legs. He spent $15B to create a future where the mortal plane is riven by holy war, and fell short at creating legs.
@tonyromm Tony Romm on x
ruh roh https://twitter.com/...
@emilygorcenski @emilygorcenski on x
It's actually worse than this. They're spending $15B to build a legless Second Life clone by trying to solve a particular engineering problem that is interesting to nobody except the kinds of folks who are interested in weird computer problems https://twitter.com/...
@cixliv @cixliv on x
3/ Horizon: The social part of “Metaverse” has been doing terribly. Do layoffs here. Horizon Worlds after billions of investment is terrible. They need accountability, it can't be the place for engineers to coast through FAANG paychecks. Make it fun first and social second.
@firstadopter Tae Kim on x
Meta's run rate operating loss for Reality Labs this year is $12.6 billion. Reality Labs operating loss to “grow significantly” in 2023?!?!
@stevekovach Steve Kovach on x
Meta on Reality Labs, the metaverse division that lost $10 billion last year: “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year.” https://www.cnbc.com/...
@nickstatt Nick Statt on x
Meta's Reality Labs loss jumps to $3.7 billion for the quarter, from $2.8B last quarter and $2.6B this time a year ago. The company says hardware costs increasing due to “the launch of our next generation consumer Quest headset later next year.” https://investor.fb.com/...
@rustybrick Barry Schwartz on x
DOWN https://twitter.com/...
@richlightshed @richlightshed on x
As $META revenues decline for the first time, massive spending on the #metaverse is growing significantly with no business model in site “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year.” https://twitter.com/...
@alistairmbarr Alistair Barr on x
I think Mark Zuckerberg just told @altcap to take hike https://www.businessinsider.com/ ... via @businessinsider @HaysKali
@jerrycap @jerrycap on x
Disgusting https://twitter.com/...
@lanceulanoff Lance Ulanoff on x
The disparity between Meta's mostly advertising-driven revenue and that of Reality Labs is pretty stark. #MetaEarnings https://twitter.com/...
@loudmouthjulia Julia Alexander on x
Mark Zuckerberg is losing a lot of money trying to make the social world of tomorrow, Elon Musk is losing a lot of money trying to fix the social world of today, and Substack is hoping everyone bets on the social world of yesterday when all is said and done.
@cixliv @cixliv on x
4/ Hardware: Double down here. If you are looking for any moat find it here. It needs to be lighter, you need to make better chips. It needs to be better for sweat. Stop creating generalist devices, and make devices specific to working use-cases (simulation, fitness, gaming).
@cixliv @cixliv on x
2/ Devs: As Steve Balmer once said “Developers! Developers! Developers!” XR devs are mad at Meta. Many of them have been copied internally or not given proper reasons to why their apps aren't allowed into the store. They NEED clear requirements on how to get into the store.
@sarahfrier Sarah Frier on x
Instagram has more than 2 billion monthly active users!! Told you it was important.
@shiraovide Shira Ovide on x
Meta's advertising business was a perpetual motion machine of money. It's not working like it used to. Pick your reason why: Apple privacy changes, end of pandemic habits, competition from TikTok, economic yucks, bad vibes.
@shiraovide Shira Ovide on x
The odd thing is the user numbers for Facebook and Meta's other apps (the metric people were freaked out about not long ago) are actually pretty good. But no one cares right now because the money numbers are bad. https://twitter.com/...
@shiraovide Shira Ovide on x
Average US & Canada revenue per user of Facebook/Messenger declined again from a year ago. This just does not happen at this company. Except it is now. https://twitter.com/...
@mikeisaac Rat King on x
i think FB is touting that Instagram and WhatsApp both surpassed the 2 billion user mark — which is no slouch the problem is there is a limit to the number of humans on planet earth and the average revenue FB makes per user is trending down in every market they exist in https://t…

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Meta reports Q3 revenue down 4% YoY to $27.7B, net income down 52% YoY to $4.4B, family daily active people up 4% YoY to 2.93B, and headcount up 28% YoY

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