Meta reportA $2.8 billion loss for the metaverse-focused Reality Labs division for the second quarter.
Shares of the tech giant fell as much as 5 percent in after-hours trading on Wednesday, immediately following earnings. before it was down to 1.5% at the time of writing, according to Nasdaq.
Reality Labs, the company’s metaverse division, reported earnings of $452 million for the quarter, down from $695 million in the first quarter. The division posted a loss of $2.9 billion in the first quarter of 2022.
Overall, the company performed below expectations on Wednesday. Total revenue for the second quarter of 2022 was $28.82 billion. That was lower than expected of $28.9 billion for the quarter. Earnings per share were $2.46, below expectations of $2.54.
Meta faces additional problems due to Federal Trade Commission (FTC). file a lawsuit Facebook claims the company is trying to monopolize the entire metaverse industry.
Recently, Zuckerberg tellEmployees during the weekly Q&A that He believes that the economy is heading towards one of the “The worst downturn we have seen in recent history.”
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