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FTC Lawsuit Shows Faith in Meta’s Trillion-Dollar Metaverse Ambitions

By  |  July 28, 2022

The Federal Trade Commission (FTC) just sued to block Meta from acquiring a VR company, saying it would put the social media giant “one step closer to its ultimate goal of owning the entire ‘Metaverse.’”

That’s something CEO Mark Zuckerberg had better get on with, given the dismal Q2 earnings report the company released on Wednesday (July 27), after the markets closed. Meta missed analysts’ predictions on both earnings and revenue, with net income plummeting 36% to $6.7 billion.

The company also recorded its first-ever decline in quarterly revenues.

Consequently, Zuckerberg announced plans to decrease spending, pushing off some investments and slowing headcount growth — which is up 32% over a year ago, with 5,700 new hires in Q2.

Meta’s stock was down 8% about an hour after the markets opened today.

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