Revenue miss, and revised revenue guidance even worse. Revenues down 4% YoY yet costs up 19% YoY. Profits down 50% YoY. Users flat. Average ad price -18% YoY.

Revenue miss, and revised revenue guidance even worse. Revenues down 4% YoY yet costs up 19% YoY. Profits down 50% YoY. Users flat. Average ad price -18% YoY. Capex 2x+ YoY. Added 19k employees (+28% YoY). Costs expected to grow from ~$85bn '22 to $101bn in '23. I know there are external macro issues - but fundamentally you have to choose between two interpretations of this data. 1 - They've blown it badly over the last 7 year (strategically, but also at an execution level). And it's all been covered up by a bull market and cheap capital. 2 - But the metaverse!