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Stock market news: Live updates

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Mark Zuckerberg speaks during a virtual Meta Connect event in New York on October 11.

Michael Nagle/Bloomberg/Getty Images

Facebook/Instragram/WhatsApp owner Meta Platforms (META) is hurting right now. Growth has stagnated. Users and advertisers aren’t particularly happy. The company’s push into the metaverse, i.e. virtual/augmented reality, has turned out to be a money pit.

Meta’s Reality Labs division lost a staggering $3.7 billion in the third quarter and has generated red ink totaling $9.4 billion so far this year. And it’s going to get worse!

“We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year,” Meta said in its earnings release.

But if investors are expecting Meta to make any major strategic shifts, they may be deluding…

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