Mark Zuckerberg remains steadfast in Meta’s long-term vision for the metaverse, despite the Reality Labs division suffering a staggering $13.7 billion loss.
According to Meta’s latest financial results, Reality Labs reported a loss of $13.7 billion in 2022, with an additional $9.4 billion loss in Q3. This marks the largest annual loss ever recorded by the company’s metaverse-building business.
The fourth quarter proved to be particularly costly, with the division losing nearly $4.3 billion, the highest quarterly loss since the division’s financials were first disclosed.
Despite these setbacks, Zuckerberg has no plans to change course. He reiterated during an earnings call on Feb. 1 that Meta will not alter its long-term strategy for the metaverse.
In response to inquiries about the company’s performance, Zuckerberg expressed confidence in Meta’s metaverse approach. He also revealed plans to launch a new “next generation consumer headset” in 2023, following the release of the Quest Pro Virtual Reality (VR) headset in October.
Meta’s CFO, Susan Li, reaffirmed support for the Reality Labs division, echoing Zuckerberg’s earlier prediction that losses would increase in 2023.
Despite the challenges, Meta has seen a recent 18% recovery in the past 24 hours. A Twitter account claiming to be Susan Li reported this positive development, attributing it to an increase in investor confidence.
Follow Us on Google News for more updates.