Facebook parent company Meta announced that it had held on to users and was making progress with a feature aimed at competing with rival TikTok, calming investor concerns with its first-quarter earnings report.
The company’s stock climbed nearly 20 percent during after-hours trading, a reprieve to the significant losses it sustained over the past three months. Facebook shocked the market in February with its last earnings report, when it revealed stagnating user growth, sending its stock plummeting. Meta had lost nearly half its market value between early February and the market close on Wednesday.
Reels, its short-form video feature, is the company’s answer to the wildly popular app TikTok, which has boomedand is especially popular with younger users. CEO Mark Zuckerberg said on a call with analysts after the earnings report that Reels now accounts for more than 20 percent of the time users spend on Instagram.
The company, which changed its corporate name from Facebook to Meta in October, has been investing heavily in its vision for the “Developing the metaverse is playing a long game — a really long game. Zuckerberg said he doesn’t expect the company’s metaverse devices and services to be big moneymakers until “later this decade.”But the company does plan to debut a web version of its metaverse social platform, Horizon, this year.
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