The CEO talked about the increasing competition from apps like TikTok and Apple’s iMessage. “We also expect to make significant changes to Instagram and Facebook in the next year to further lean into video and make Reels a more central part of the experience,” Zuckerberg said during the earnings call (via).
Mark Zuckerberg, Facebook’s CEO, talked at the company’s third-quarter results call, providing some insight into the company’s future plans. Facebook’s first priority, according to Zuckerberg, will be “young adults.” The platform appears to be making “major modifications” to the Facebook and Instagram apps in order to achieve this goal.
Additionally, he said that Facebook is conducting an internal “retooling” to increase focus on younger users, saying such users are its “North Star.” However, Zuckerberg was cognizant of the fact that this move could take years to fully implement.
Facebook further announced a change in the reporting of its quarterly reports. Starting next quarter, the company will submit reports for its apps division and Reality Labs separately. The apps division comprises Facebook, WhatsApp, Instagram, and Messenger, while Reality Labs covers the company’s VR and AR-related work.
The CEO did not offer details on the rumored company name change. Zuckerberg also expanded on the company’s vision for a “metaverse,” saying that it would also be a priority. He said that a metaverse could reach a billion people, and generate “hundreds of billions of dollars of digital commerce.” However, the CEO did not comment on reports of the company changing its name.
The company said its 2021 profits will see a $10 billion dip due to its investments in Reality Labs. However, Zuckerberg assured the investors that Facebook won’t increase its spending on VR/AR for the next “several years.”
Zuckerberg further addressed the Senate testimony provided by former employee and whistleblower Frances Haugen. Her testimony led to a series of revelatory articles as part of Facebook Papers. This is based on company documents provided by Haugen to the authorities.
He dismissed this collaborative reporting work as “a coordinated effort to selectively use leaked documents to paint a false picture” of Facebook. It’s worth mentioning that these documents have been shared with the U.S. Securities and Exchange Commission (SEC) as well as members of Congress.