Meta
Despite heavy promotion and buzz during launch, Mark Zuckerberg’s Metaverse has proven to be a failure so far.
During an earnings call this past Wednesday, it was revealed the Metaverse has lost over $21.3 billion since the beginning of last year. Reality Labs which is Meta’s virtual and augmented reality development business reported an operating loss of $3.7 billion in its most recent earnings report.
To make matters even worse, executives have revealed the losses are only going to get worse. Meta CFO, Susan Li, stated:
“For Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and investments to further scale our ecosystem”
While the Metaverse may be a flop so far, Meta the company reported a quarterly revenue of $32 billion which is up 11% from last year.
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