Tech giant Meta’s metaverse outlay continues as the company’s Reality Labs division reported a fourth-quarter loss of $4.3 billion.
Reality Labs was tasked with spearheading the company’s push into the metaverse, with losses of $13.7 billion for the full year.
While both numbers are bigger than last year, they are better.analyst forecastLittle is expected Reality Labs to post a loss of $4.4 billion during the fourth quarter and $13.8 billion this year.
Meta CEO Mark Zuckerberg still steadfastIn its dedication to investing heavily in metaverse technology, Meta’s primary revenue comes from advertising for billions of users using social media platforms such as Facebook and Instagram.
The company’s Family of Apps division, which includes Facebook and Instagram, remains Meta’s strongest profit driver, generating $10.7 billion in revenue during the fourth quarter. But it’s down sharply compared to $15.9 billion for the same three months in 2021.
Even though the profits of Meta’s app business have plummeted But the division’s revenue was $31.4 billion in the fourth quarter. This is in contrast to Reality Labs with $727 million in revenue.
Meta also lowered its forecast for full-year 2023 expenses, saying it would be in the range of $89 billion to $95 billion. which is down from the previous trend that $94,000-100,000 million
Zuckerberg has said that his ambition to be a major player in the emerging metaverse could cause Reality Labs to lose more than $10 billion annually for several years in a row.
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