Meta’s Reality Labs posts $2.9B loss: 'I recognize it’s expensive' says Zuck
Meta’s Reality Labs division posted a $2.9 billion loss in Wednesday’s Q1 earnings call but Zuckerberg remains optimistic about future profitability from the metaverse. Meta Platforms Inc., formerly known as Facebook Inc., posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses.The Reality Labs division — formerly known as Facebook’s Oculus division — has been spending increasing sums of capital on developing virtual reality and metaverse-related products, posting a $2.9 billion loss for Q1 2022. That's 61% more than its $1.8....
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“This is obviously a very expensive undertaking over the next several years,” said Mark Zuckerberg. Meta’s virtual reality (VR) and metaverse division Reality Labs has posted its seventh straight quarter of losses, but CEO Mark Zuckerberg remains steadfast in investing in the technology, which he calls a "massive opportunity.During Meta’s Q2 earnings call on July 27, Zuckerberg acknowledged that such losses could continue for several more years until VR applications and its Metaverse platform are mature enough to tap into the “massive opportunity” worth “hundreds of billions of dollars”....
Meta (formerly Facebook) officially declared its entry into the metaverse space last year with the Reality Labs division. Its announcement had understandably triggered the popularity of metaverse projects and their tokens during this time, as a lot went on to rally to billions of dollars in market cap. However, while Meta had been able to trigger positive growth for other metaverse projects, it has been unable to do so for itself as it reports another quarter of massive losses. Meta’s Reality Labs Records Losses Since Meta’s entry into the space via its Reality Labs division, the tech....
Meta, the social media company, has reported that its metaverse division, the Reality Labs Unit, is shedding lots of money. In its recent earnings call, the company informed that, while the Reality Labs unit managed to pull more than $400 million in sales, its losses reached $2.8 billion, mainly due to research and development costs associated with metaverse and VR products.
Meta’s Metaverse Push Is Making It Lose Funds
Meta, one of the first companies that announced a pivot from social media to the metaverse, is battling to make its new focus profitable. In its most....
No one said the shift to web3 would be easy. That’s certainly the sentiment at Meta, which saw drops in sales and profits in their quarterly earnings announcement this week. Reality Labs, the tech-driven division of the company that is focused on VR and AR hardware and software and other metaverse-related verticals, posted a loss […]
Nonfungible tokens will be found under a tab on creators’ Facebook timelines in a gradual rollout starting in the United States. Facebook will support nonfungible tokens (NFTs) with a “digital collectibles” tab on creators’ timelines to display their work. Meta technical program manager Navdeep Singh displayed screenshots of NFTs and a creator’s page Thursday on Twitter. A spokesperson for Meta, the parent company of Facebook, told TechCrunch the same day that the rollout of NFTs on Facebook would be gradual, beginning with select creators in the United States. Eventually, NFT creators....