The company formerly known as Facebook climbed seven spots on this year’s Fortune 500; its revenue grew 37.2% in 2021, to $118 billion, and it generated nearly $40 billion in profit. But the name change to Meta Platforms, announced by CEO Mark Zuckerberg in October 2021, is a sign of some of the challenges the company now faces. Meta Platforms’ core social media product, Facebook itself, saw its number of daily active users decline for the first time over the last three months of 2021. Meta also acknowledged that recent changes in privacy settings on Apple’s iOS apps were hurting Facebook’s ad-sales revenue. That changing landscape adds momentum to Meta’s new commitment to the metaverse, the digital and virtual world that Citi predicts will be worth $13 trillion in 2030. In December, Meta disclosed that it had already spent $10 billion on metaverse-related projects. The company admits those will take a long time to pay off, however, and Wall Street is concerned: The company’s share price fell almost 40% over the first four months of 2022.
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Lists ranking Meta Platforms
100 Fastest-Growing Companies - 2021Collectively, the ranked companies produced a thre...READ MOREview in list
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