As Zuckerberg pins hope on the metaverse
Facebook (NASDAQ: FB) will announce its third-quarter results when the market closes today, Monday, October 25, 2021.
Analysts estimate earnings per share (EPS) of $3.19 compared to $2.71 in the previous comparable period.
Monthly active users of the social media giant are expected to rise on an annual basis. Even though revenue is expected to increase above average, there are concerns about current and future growth prospects, especially when compared to the first and second quarters of the year.
Facebook CEO, Mark Zuckerberg, is pinning his hope on metaverse for the company’s future growth. This idea is inspired by the ongoing Covid restrictions that have separated friends and family in many ways. Zuckerberg wants friends to ‘be in the same space’ as their friends, virtually, with his proposed plans. This means one can virtually visit a store or museum with friends as it would happen in the real world.
A metaverse is “a virtual-reality space in which users can interact with a computer-generated environment and other users.” Zuckerberg hopes this will succeed mobile internet and drive growth for Facebook.