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Meta, formerly known as Facebook, is staking its future on the success of its virtual reality platform. But the project is bleeding money so fast, it puts in question how long the company can keep it going.
About a year ago, Meta was the fifth most valuable publicly traded company in the world, trailing only Apple, Microsoft, Alphabet, and Amazon. Today, it's number 25, behind Home Depot.
Meta has seen measures of its financial health decline across the board. Revenue dropped by more than four percent in the third quarter, year-over-year. Administrative expenses went up, while profits halved.
The company has acknowledged that it went on too much of a hiring spree in recent years, announcing layoffs of 11,000 employees and a hiring freeze until March....