Reality Labs, the division of Meta responsible for the development of the metaverse, again reported losses. For the third quarter, losses amounted to $3.7 billion, and for the year – $9.4 billion.
Meta’s CFO Dave Wehner said the company expects Reality Labs’ operating losses to rise significantly next year. This is confirmed by deteriorating indicators. Thus, in the I and II quarters, the division lost $2.9 billion each. At the same time, revenue in the first quarter was $695 million, in the II – $452 million, and last quarter decreased to $285 million.
“In 2023 and beyond, we will continue to invest in Reality Labs the necessary funds to achieve our long-term goals of increasing the company’s total operating income,” Vener said.
At the same time, other areas of Meta, including Facebook and Instagram, continue to bring significant profits. However, this year was difficult for the company, and its capitalization decreased from $1 trillion to $370 billion.
Meta CEO Mark Zuckerberg sees no problem with the massive waste of creating the metaverse. He emphasized that the development of “the next computing platform is a massive undertaking.”
“It often takes multiple versions of a product before it becomes mainstream. I think this work is of historical importance. We are building the foundation for a whole new way of connecting people, we are integrating technology into our lives, and we are building the foundation for our business for the long term,” Zuckerberg said.
Earlier, Mark Zuckerberg said that Meta intends to build an open and interoperable metaverse, since such an approach fits seamlessly into the concept of virtual worlds.
Source: Bits
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