Meta’s profit slides by more than 50% as challenges mount

A year ago, Mark Zuckerberg changed Facebook’s name to Meta and said he was going all in on the immersive digital world of the so-called metaverse.

Since then, Meta has plowed billions of dollars into, and restructured itself around, the emerging technology — just as the global economy has slowed, inflation has soared and investors have begun paying more attention to costs.