The company is losing billions but has no plans to stop.
Mark Zuckerberg and his company Meta are no pushovers. The company is currently losing a lot of money but refuses to call it quits on the metaverse projects they have going. In a recent report Meta revealed that its metaverse division, Reality Labs, has lost over $3.6 billion, almost $1 billion more than last year around the same time. The truth is Reality Labs continues to lose having a to-date total of $9.43 billion in losses to this day.
In one report it was stated that the company expects these losses and more in the future as they continue to learn and build. “Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run”
Reality Labs is the virtual and augmented reality arm that is responsible for designing hardware and software for Meta. Reality Labs is responsible for Horizon Worlds and the Meta Oculus headsets. The team has a lot of work cut out for them as they need to get the platform populated and even get legs for the avatars of Horizon worlds.
Despite all of the loss Mark Zuckerberg is continuously optimistic about the future that can be provided by the metaverse. The CEO is defiantly optimistic about the future and what his metaverse can bring to the masses.
“While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.”
Mark Zuckerberg
Did you enjoy this article? There is so much more about web3 on Solanews
Try these articles as well
Bank of America Downgrades Meta from Buy to Neutral
Gary Gensler States Yet Again That Crypto Is Centralized
