Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback
During a Q4 earnings call, Mark Zuckerberg said he saw no reason to deviate from the companys long-term metaverse strategy. 1205 Total views 6 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT Meta founder and CEO Mark Zuckerberg says the company has no plans to change its long-term strategy for the metaverse, despite operating losses for itsReality Labs business peaking in 2022.
Meta on Feb. 1 released earningsshowingthat Reality Labs lost $13.7 billion in 2022 the largest ever yearly losses recorded for its metaverse-buildingdivision.
The fourth quarter was particularly costly, with the division losing nearly $4.3 billion, which was also thelargest quarterly loss within the department since financials for the business were first published.
On a Feb. 1 earnings call, Zuckerberg was steadfast in the companys metaverse strategy. Answering a question about how the firms efficiency applies to Reality Labs, he answered:None of the signals that I’ve seen so far suggest that we should shift the Reality Labs strategy long term.
He added that later in 2023 the company would launch another next generation consumer headset following the October launch of its Quest Pro Virtual Reality (VR) headset.The Meta Quest Pro is the tech firms latest, and most expensive, VR headset offering. Source: Meta
Metas chief financial officer, Susan Li, similarly doubled down on the Reality Labs business, echoing Zuckerbergs statement from a Q3 earnings call that losses in the business would increase in 2023.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.
Related: Meta gets court win in metaverse acquisition plans: Report
Metas overall revenue for the fourth quarter was $32.1 billion, beating Wall Street expectations.
The better-than-expected revenue figures caused Metas stock price to jump after the bell, gaining nearly 19.5% in after-hours trading at the time of writing, according to Yahoo Finance. #Facebook #Business #Finance #Virtual Reality #Metaverse #Meta Related News How to store Bitcoin on MetaMask Why isnt there a VR client yet for Decentraland or The Sandbox? Metaverse to possibly create $5T in value by 2030: McKinsey report 3 reasons why the MANA and SAND metaverse token rally could end soon Secret Network validator shuts down nodes after leadership turmoil
