Mark Zuckerberg asked investors for patience with the amount Meta Platforms Inc. is spending on unproven bets at an already-challenging time for digital advertising companies.
After reporting a revenue forecast that missed analysts' estimates, the Meta chief exectuive officer worked to justify the company's ballooning costs around the metaverse, as well as the artificial intelligence fueling major changes to its social networks.
Investors so far aren't buying it. The shares fell more than 20% in late trading, including while Meta's executives made their case for patience.
Zuckerberg said he was confident that Meta's biggest bets in areas such as short-form video, business messaging and the metaverse were headed in the right direction - he just couldn't say for sure how big the payoff would be.
"I think we're going to resolve each of these things over different periods of time," Zuckerberg said. "And I appreciate the patience and I think that those who are patient and invest with us will end up being rewarded."
