Meta Stock Falls As Metaverse-Driven ‘Reality Labs’ Posts $3.7B Loss
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 […]
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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’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....
One of the most significant applications of virtual reality and metaverse technology involves education and the prospect of incorporating virtual reality classes. Social media giant Meta is implementing this concept by aiding 10 universities in launching campuses that will be built on metaverse “soil.” As part of its $150 million Immersive Learning Project, Meta (formerly Facebook) […]
The tech giant is just over $500 million away from topping its more than $10 billion Metaverse department losses in 2021, but it said its spending will only grow next year. Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.The company’s Q3 2022 earnings released on Oct. 26 show the biggest-ever quarterly losses for Reality Labs from earnings dating back to the fourth quarter of 2020, the business also made....
Meta seems to be losing it in and it’s only the first quarter. But no, it’s all a part of the break-in period. Meta Platforms Inc. (FB) reported a loss of nearly $3 billion in earnings for the first three months of 2022. The financial report is for Facebook Reality Labs (FRL) that included VR […]