Stratechery Facebook is Dead; Long Live Meta
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Aug 14, 2025 Explore Meta's impressive 22% revenue growth as it balances hefty AI investments with robust advertising income. Dive into the company's strategic shift towards AI and the metaverse, while investors question the long-term viability of their shares. Discover Meta's focus on empowering over 3.4 billion users and the rising dominance of short-form videos amidst competitive pressures. Finally, envision a future fueled by superintelligent systems that enhance creativity and connectivity, showcasing the transformation from social networking to individual empowerment.
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Investor Feedback Changed Strategy
- Susan Lee recounts investors asking why they should invest now rather than wait for a future product.
- That feedback reshaped Meta's focus to deliver results along the way, not just far-off bets.
Short-Term Results Buy Long-Term Bets
- Meta now ties short-term business performance to permission for long-term AI investments.
- Delivering current results buys Zuckerberg the right to invest heavily in superintelligence.
Ad Fundamentals, Not Hype, Drove Results
- Improved ad fundamentals drove the quarter's blowout numbers, not just headline AI projects.
- Price per ad decline was attenuated because impressions growth increased meaningfully.