Meta recently disclosed its financial outcomes for the final quarter of 2022, revealing that Reality Labs, the division overseeing the firm’s ventures into the metaverse and virtual reality, reported a record deficit. This period saw the unit’s losses escalate to $4.28 billion, up from $3.67 billion in the preceding quarter.
Over the past year, Reality Labs’ total losses amounted to $13.72 billion, indicating a monthly expenditure exceeding $1 billion on metaverse initiatives. On a brighter note, Facebook, now under the Meta umbrella following a strategic rebranding aimed at focusing on metaverse technologies, achieved a milestone by surpassing 2 billion daily active users for the first time.
This move, part of Mark Zuckerberg’s vision to pivot towards a virtual world concept, has been met with skepticism due to the financial toll on Reality Labs, prompting discussions on the gamble’s long-term viability.
Meta earned $32 billion in the last quarter of 2022!
Meta reported a revenue of $32.16 billion in the final quarter of the previous year, with $31.25 billion of this revenue stemming from advertising. After accounting for expenses, Meta retained $4.65 billion in earnings. Following the announcement of these figures, Meta’s stocks surged, experiencing an approximately 20% increase.
The financial overview for the last quarter was personally disclosed by Mark Zuckerberg. Looking ahead to 2023, he highlighted that the year would be focused on enhancing productivity. It’s also noteworthy to mention that as we stepped into 2023, Meta initiated significant layoffs, severing ties with 11,000 employees.
Facebook broke a historical record in the number of daily users!
Meta’s financial report for the final quarter of 2022 highlighted a significant milestone for Facebook: for the first time in its history, the platform reached 2 billion daily active users.
This achievement follows a consistent upward trend in user engagement, with Facebook having reported 1.984 billion daily active users in the preceding quarter and 1.968 billion in the quarter before that.
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