Mark Zuckerberg asks for ‘patience’ as Meta’s costs spook investors

Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg asked investors for patience with the social-media giant’s swelling investments in unproven bets at an already-challenging time for digital-advertising companies.

The company’s shares slumped more than 20% in late trading after it gave a disappointing quarterly revenue outlook. On a call Wednesday, Zuckerberg sought to justify Meta’s ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks.

Investors, who have already sent the stock down 61% this year, so far aren’t buying it. Zuckerberg said he is confident that Meta’s largest bets in areas such as short-form video,