Summary : Meta also issued a disappointing third-quarter forecast, and CEO Mark Zuckerberg said on a call with analysts that the company reduce headcount as it prepares for the economic slowdown.
Zuckerberg has been pushing into short videos by investing in Reels, which reached $1 billion in annualized revenue.
“The Reels monetization ramp seems slow,” UBS’ Lloyd Walmsley said in a note to investors.
“Improving monetization of Reels and ongoing efforts to mitigate privacy changes should support an accelerated recovery once this period of macro uncertainty subsides,” they said.
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