Following the launch of the Metaverse, many major companies, including Facebook, updated their names to Meta. However, the company did not achieve the success it had hoped for in 2022.
As Meta prepares to release its earnings report on Wednesday, the company’s losses in the Metaverse for 2022 are nearing $14 billion.
Meta Looks Like He Didn’t Find What He Was Hoping For From Metaverse
Meta’s founder, Mark Zuckerberg, was aware that the journey to the Metaverse would be challenging and expensive.
During the company’s last earnings call in October, Zuckerberg told analysts, “We expect Reality Labs spending to significantly increase again in 2023.” On the same day, Meta revealed that Reality Labs, the division led by Zuckerberg dedicated to realizing Metaverse ambitions, incurred a loss of $3.7 billion in the third quarter of 2022.
Zuckerberg’s goal to position himself as a key figure in the yet-to-materialize immersive digital world, envisioned as a blend of virtual, augmented, and mixed reality, is anticipated to result in approximately $13.8 billion in losses for Reality Labs over the course of the year alone, according to estimates by FactSet analysts.
While Zuckerberg has been relatively open and transparent about the substantial costs of investing in his vision for Meta within the Metaverse, the announcement of the company’s earnings for the fourth quarter of 2022 is likely to continue causing concern among many shareholders.
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