Meta Platforms (FB) reported third-quarter revenue with just $285 million in the metaverse-focused Facebook Reality Labs (FRL) division.earnings reportpublished on Wednesday That was $406 million below analysts’ expectations and down from $452 million in the second quarter.
Overall, Facebook Reality Labs posted a loss of nearly $3.7 billion this quarter. increased from a $2.8 billion loss inquartertwo
The company also said in a press release that FRL’s operating loss in 2023 is expected to grow “significantly” year-on-year, and by 2023 it is expected to increase Reality Labs’ investment so that we can achieve our goal of increasing revenue. from the overall long-term performance of the company,” the report states.
While CEO Mark Zuckerberg remains optimistic about metaverse, although he acknowledges concerns about Meta’s direction, he adds that metaverse will have a big impact in the future and talks aboutQuest Pro VR Headset of Meta, stating that more people will be able to complete tasks through virtual over time.
Meta faces calls from investors to cut spending on metaverse due to lower user growth numbers, with Meta reporting a $10.2 billion loss on revenue of $2.3 billion for FRL in 2021, and the company has said. That it is committed to spending more in the department over the next few years, seeing it as a key driver of future growth.
refer : LINK
The post Meta Reports Q3 Results, Metaverse Business Loss $3,672 Million Appears first on Bitcoin Addict.