Meta Platforms CEO Mark Zuckerberg (pictured) acknowledged 2022 was a challenging year as he discussed Q4 numbers, but stated it made progress on its priorities and laid the groundwork to deliver better results this year.
He stated one of his top priorities was to increase efficiency along with deploying more AI tools to help engineers be more productive.
“The two major technological waves driving our roadmap are AI today and, over the longer term, the metaverse.”
He noted users of its social media platforms were shifting towards AI-recommended content in place of viewing items posted only by the accounts they follow.
The company’s AI investment also helped advertisers gain 20 per cent more conversions in Q4 than the same quarter of 2021.
He noted a new product area would be generative AI.
Zuckerberg stated the long-term goal for investing heavily in AI was to develop and deploy privacy-enhancing technologies “while building new tools that will make it easier for advertisers to create and deliver more relevant and engaging ads”.
“I do expect that the space will move quickly,” he noted. “I think we’ll learn a lot about what works and what doesn’t.”
Zuckerberg said it will be more proactive about cutting projects which aren’t performing going forward.
“I think that there’s going to be some more that we can do to improve our productivity, speed and cost structure. And by working on this over a sustained period, I think we’ll both build a stronger technology company and become more profitable”.
Net income of $4.7 billion was down 55 per cent compared with Q4 2021, with revenue 4 per cent lower at $32.1 billion.
Scott Raynovich, founder and principal analyst at research company Futuriom, told Mobile World Live a “lot of poor expectations were built-in” during the earnings call and large Meta Platforms investors are keen on the company cutting investment in metaverse efforts.