I don't think it's a (complete) lie. In the short term I think it is very much the truth: 2021 once again saw record revenue for them [0] so, absent a specific

I don't think it's a (complete) lie. In the short term I think it is very much the truth: 2021 once again saw record revenue for them [0] so, absent a specific threat like Apple, there is no reason to project a $10B loss over expected revenue gains during the short 1-year term at issue during the call. On the other hand, Apple's actions are part of an overall trend that represents an existential threat, for the exact reasons you mention and others. The main issue is probably something like the innovators dilemma: they've become reactive, and slow in those reactions. Their largest successes in recent year haven't come from their own creations, but from acquisitions. NYT has a pretty good analysis of some of its systemic flaws [1] [0] https://investor.fb.com/investor-news/press-release-details/2022/Meta-Reports-Fourth-Quarter-and-Full-Year-2021-Results/default.aspx https://investor.fb.com/investor-news/press-release-details/... [1] https://www.nytimes.com/2021/10/04/technology/facebook-files.html https://www.nytimes.com/2021/10/04/technology/facebook-files...