Meta Mark Zuckerberg, founder and CEO of (formerly Facebook) company, announced that although operating losses for the Reality Labs business peak in 2022, the company does not plan to change its long-term strategy towards the metaverse.
Meta published earnings on Feb. 1 showing Reality Labs had a loss of $13.7 billion in 2022. It, metaverse It represents the largest recorded annual loss for the building division.
The fourth quarter of 2022 was quite costly compared to other quarters. The Metaverse division lost approximately $4.3 billion, making it the largest loss on a quarterly basis.
Mark Zuckerberghighlighted the firm’s commitment to its metaverse strategy in an earnings call on Feb. The CEO replied to a question asked for Reality Labs:
None of the signals I’ve seen so far suggest that we need to change Reality Labs strategy over the long term.
We Are Preparing A New Product For Metaverse!
He added that the company will launch another “next generation consumer headset” in 2023, following the launch of the Quest Pro Virtual Reality (VR) headset in October.
Susan Li, chief financial officer of Meta, similarly reiterated her views on the Reality Labs business. Li echoed Zuckerberg’s statement on his Q3 earnings call that losses in this business will increase in 2023.
We expect Reality Labs’ full-year loss to increase in 2023 as well. Considering the significant long-term opportunities we see, we will continue to make meaningful investments in this area.
Meta’s total revenue in the fourth quarter came in at $32.1 billion, beating Wall Street expectations as a result.
Better-than-expected revenue figures have caused Meta’s stock price to jump, according to Yahoo Finance.