We Remain Committed To the Metaverse; Mark Zuckerberg
Meta still bets on the metaverse, despite big losses and a new focus on AI.
Meta, the company behind Facebook, is still investing in the metaverse, even though they have also shifted focus to artificial intelligence (AI). "We remain committed to the Metaverse and AI," Mark Zuckerberg, the company's leader, said during an earnings call.
However, the metaverse has not been profitable for the company. In 2022, Facebook Reality Labs, the part of the company responsible for the metaverse, lost $13.7 billion, even though it made $2.2 billion.
Zuckerberg sees this as a long-term investment. He stated, "There are many parts to Reality Labs. We're looking at VR, AR, Metaverse, social platforms, and neural interfaces. We're not expecting quick returns on our investments."
Despite these losses, Meta reported a net income of $7.79 billion for the fiscal second quarter, which is more than the $6.7 billion they made the previous year. Revenue also increased by 11% to $32 billion.
Daily users for Facebook and Meta's other apps like Instagram also increased. However, active users of Meta’s Threads app, which was meant to replace Twitter, dropped by 60% after its launch week. Meta's stock price closed higher at $294.47 and was trading at nearly $319 after hours.
Reported by Coinpaprika News
