Meta Platforms is all in on Reels, the short-form video feature on its Instagram and Facebook apps. CEO Mark Zuckerberg and other executives mentioned it repeatedly, both in answer to analyst questions and as a top priority for the company. The metaverse, in contrast, got barely a mention.
Meta’s earnings showed some disappointing stats, like the company’s first drop in its users in recent years and revenue projections that didn’t match up to Wall Street expectations. Zuckerberg, Meta’s CFO Dave Wehner and COO Sheryl Sandberg chalked up some of the headwinds to supply chain issues that cramped advertising needs and to Apple’s privacy changes that Meta has said makes its ad targeting less effective. Wehner estimates these changes could cost the company $10 billion this year.
