A year ago, Mark Zuckerberg declared virtual reality the next frontier to drive Facebook’s growth. The company, which also owns WhatsApp, is struggling as companies cut advertising budgets in the face of economic uncertainty, changes to Apple’s privacy settings hurt its targeted ads, and competition from rivals such as TikTok heats up. Investor confidence plunged in February, when the company revealed it had lost daily users for the first time ever. Then in July, the company reported its first quarterly decline in revenue, as companies spooked by the economic outlook cut their advertising budgets. What Meta really necessary at this point ?
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