Meta Loses Nearly $3 Billion On The Metaverse
When Mark Zuckerberg announced the name change of Facebook’s parent company to Meta, it foreshadowed their future endeavor. Nearly a year later, Meta is all in on its vision of the metaverse. So much so that they reported a $2.8 billion loss in Q2 2022. The second consecutive quarterly loss for the division in the company.
The Meta metaverse
Meta CEO Mark Zuckerberg told analysts that the company focuses on long-term earnings during its quarterly earnings report. The few billion lost could lead to “hundreds of billions, if not trillions in revenue over time,” said Zuckerberg. Meta plays the long game with Facebook Reality Labs, the company’s metaverse division. During the Q1 earnings report, Zuckerberg said that the company is “laying the groundwork for a very successful 2030s.”
Read more at: