Zuckerberg Still Big on the Metaverse

Meta CEO Mark Zuckerberg was unwavering during the Q4 earnings call. This was despite Reality Labs’ unprecedented losses.

Meta continues to pursue its metaverse plans, despite Reality Labs’ loss of $13.7 billion in 2022. Reality Labs, Meta’s metaverse arm, focuses on virtual reality as well as augmented reality. Reality Labs also builds platforms such as Horizon Worlds.

Meta believes that Reality Labs investment will pay off in future. Zuckerberg stated that “none of the signals I’ve seen sofar suggest that we should change the Reality Labs strategy over the long-term.”

Harsh reality

Meta’s Reality Labs currently is losing money. The division suffered a loss of $4.3 billion in the fourth quarter. This is actually the largest quarterly loss the division has ever suffered.

Susan Li, Meta’s chief financial officers, feels that there is still hope for Meta’s Reality Labs, despite this fact. Li also expects more losses for the company.

She stated that “we still expect our full year Reality Labs losses in 2023 and that we will continue to invest meaningfully given the significant long term opportunities we see.”

After criticism, Meta has released updated avatar graphics for Horizon Worlds. Credit: Mark Zuckerberg

Meta fights back

Meta has plenty to be happy about. Meta’s fourth quarter revenue was $32.1 billion.

Meta’s stock price has been rising since Meta’s quarterly earnings calls. It is now up 40%.

Meta’s brand new headset

Zuckerberg also plans to announce a new “next-generation consumer headset” in 2023. The Meta Quest Pro is currently the latest VR headset offered by Meta.

Meta Quest Pro features new features such as mixed reality with full colour video feed and face tracking via internal cameras.

Reality Labs shows no signs of slowing down at the moment and remains fully committed to its vision of the future internet.

NFT News Today’s first article, Zuckerberg Still Big in the Metaverse, appeared first on NFT News Today.

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