Instagram head Adam Mosseri says the social media platform is facing 'urgency' to make Reels work after its parent company Meta had $80 billion wiped off its market value last month.
Investors also remain unconvinced by Zuckerberg’s bet that the company’s future lies in Reality Labs, its metaverse division. Despite the huge spending, Reality Labs made a $3.7 billion loss over the past three months.
However, amid these struggles, Instagram remains a major growth driver for the company. In an otherwise dreary third-quarter earnings report, Meta revealed that, closing in on the 2.96 billion who use Facebook. “On Instagram alone, people already reshare Reels one billion times a day through DMs,” says Zuckerberg.
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