Despite a $13.7B setback, Zuckerberg is still clear on his Metaverse goals
What has been happening to the Metaverse lately? A once booming and inspiring project, which lately has gone down a media pitfall. The Metaverse project, conceived by Mark Zuckerberg used to be a trending idea but is nowhere near its former financial investment glory. In the meantime, if you are looking for the best sports betting casinos of February 2023, then CasinoDaddy has you fully covered. Make sure you check out our pages!
Despite operating losses for its Reality Labs division reaching their height in 2022, Meta's founder and CEO Mark Zuckerberg claims the firm has no intentions to alter its long-term metaverse strategy.
Reality Labs lost $13.7 billion in 2022, the highest annual losses ever for its metaverse-building business, according to earnings data disclosed by Meta on February 1. The division lost around $4.3 billion during the fourth quarter, which was also the department's worst quarterly loss since the company's financials were first made public.
Zuckerberg was unwavering in the company's metaverse plan during an earnings conference on February 1. In response to a query on how Reality Labs fits into the company's efficiency, he replied:
“None of the signals that I've seen so far suggest that we should shift the Reality Labs strategy long term.” He stated that once the Quest Pro Virtual Reality (VR) headset was introduced in October, the business will release another “next generation consumer headset” later in 2023.
Susan Li, the chief financial officer of Meta, reiterated Zuckerberg's prediction from a Q3 earnings call that losses at the company will rise in 2023 by doubling down on the Reality Labs venture.
“We still expect our full-year Reality Labs losses to increase in 2023, and we're gonna continue to invest meaningfully in this area given the significant long-term opportunities that we see,” Zuckerberg added to his comments.
The fourth quarter's total sales for Meta was $32.1 billion, above Wall Street forecasts. According to Yahoo Finance, Meta's stock price increased after the bell as a result of the higher-than-anticipated sales statistics, rising by around 19.5% as of this writing in after-hours trading.
Zuckerberg clearly continues to believe that the Metaverse project will happen, even if revenue losses and loss of interests have lead to a slower development. In the meantime, whilst the crypto season is still going strong, make sure you check out our best crypto bonuses of 2023.
