Reporting its first quarterly earnings under its new name, Meta revealed it had spent $10bn on its vision of the future – the “metaverse” – and warned it faced “headwinds from both increased competition for people’s time and a shift of engagement”.
“Facebook’s big problem is competition for attention – there are only so many people and so many hours in a day and we’re already close to saturation point,” said Neil Wilson, chief markets analyst for trading platform On a call with investors Zuckerberg he was “proud” of the work the company had done last year but acknowledged the company faced tough competition for attention from rivals including TikTok.
