Mark Zuckerberg initiated Meta’s earnings call by highlighting the company’s ambitious ventures into artificial intelligence and the metaverse, discussing products such as headsets, glasses, and their operating system. Despite his enthusiasm, Meta’s focus on these yet-to-be profitable sectors led to a stark reaction from investors, with shares plummeting by up to 19% in extended trading—erasing over $200 billion in market value. This occurred even though Meta reported earnings and revenue that surpassed expectations for the first quarter. Acknowledging the stock's volatility, Zuckerberg referenced previous instances where initial heavy investment in new technologies, such as Reels and mobile transition, eventually paid off. He remains focused on the future potential for monetizing these investments, particularly through digital advertising, which currently constitutes 98% of Meta's revenue. Further discussions included Meta's advancements in AI, like their new language model Meta Llama 3, and the broader application of their technology in sectors like work and fitness through mixed reality headsets.
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