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Meta had a rocky third quarter and the market reacted accordingly. Its metaverse division, Reality Labs, lost nearly $3.7 billion. But the metaverse (whatever that ends up meaning) is still five to 10 years out, and Nicola Mendelsohn, VP of Meta’s global business group, told AdExchanger that Meta is still investing heavily in its core, including ad performance.

Meta reported $27.2 billion in ad revenue in its Q3 earnings report on Wednesday. That represents a 4% drop year-over-year (YoY). Net income for Q3 was $4.4 billion, down 52% YoY. And Meta is projecting another revenue dip for Q4. As a result, the company will implement layoffs and hiring freezes throughout 2023.