Meta's Reality Labs lost $3.99 billion last quarter, bringing its total losses since 2020...

midian182

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In brief: It seems that no matter how much money Meta's Reality Labs unit loses, Mark Zuckerberg refuses to give up on the company's metaverse ambitions. In its first-quarter earnings report, Meta said Reality Labs, responsible for its metaverse-related tech, recorded a $3.99 billion operating loss. The latest figure means that since 2020, the division has lost a massive $30 billion.

Meta's first quarter was better than expected overall. Sales were up 3% while its $28.65 billion revenue beat analysts' expectations. The company also issued upbeat guidance for the second quarter.

But a less welcome part of the report is related to Meta's Reality Labs division, which once against lost money: $3.99 billion during the three months. That adds to the $14 billion it lost across last year and brings the total loss since Q4 2020 to an eye-watering $30 billion. The only solace for Zuckerberg is that the most recent losses weren't as bad as the $4.3 billion it lost during the previous quarter.

Zuckerberg's blind faith in the metaverse and Reality Labs' work comes as Meta cuts around 21,000 jobs in its so-called "year of efficiency."

There was a time when businesses fell over themselves to invest in the metaverse, but analysts believe most of these projects will close by 2025.

The slumping economy has also played a part in the declining metaverse interest, which wasn't particularly high to begin with. Global shipments of virtual reality headsets fell more than 12% year-over-year in 2022. In a time when people are wary of making expensive, unnecessary purchases, a VR headset isn't high on the list of priorities.

But the biggest problem the metaverse faces is the recent rise of generative AI. Companies are rushing to implement the likes of ChatGPT into their services – even Meta is pushing into this area – putting their resources into artificial intelligence at the expense of metaverse projects. Microsoft's round of 10,000 layoffs saw its industrial metaverse work killed off, and Disney laid off its entire metaverse team as part of cost-cutting plans.

Sensing the lack of positive coverage, Meta's head of global affairs, Nick Clegg, recently held a small virtual press conference within Meta's Horizon Workrooms to remind people that the metaverse will probably be awesome one day. This came a few months after one exec said the metaverse will eventually become as important as smartphones.

Zuckerberg's belief is unwavering. He famously said the metaverse could be earning billions or even trillions of dollars in ten years. If Reality Labs keep racking up losses at its current rate, Zuck's bold prediction will need to be accurate.

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I can see from the previous posts that people feel the same way about that I do.
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Who cares how much money they're losing on this nonsense? Zuck said eventually the tech will be worth over a gajillion dollars! So stop being so shortsighted. ^_^
 
With the good press strenuous, daily physical activity is getting these days, I cannot see how the Metaverse would encourage such activity. Not to mention the studies that show that mental health is worse when people use social media. I have to wonder why Zucky thinks his Metaverse is something that will benefit humanity.

Oh, right. I forgot Greed.
 
This is what happens when a guy has a runaway successful idea once in his life due to a fortuitous confluence of time and space, and then thinks his next idea will automatically be as good because he's obviously the greatest genius ever in history™

The egomania is palpable. The company will either have to quit this absurdity or it'll be run into the ground before too long.
 
So we are stepping in to UNREAL ENGINE 5 and graphics are looking more delicious than ever but ZUCK wants to take us back to mid 2000's tier end graphics ? and some of them originally floating with no legs ?
absolutely ridiculous. metaverse is/was an ugly disaster.
 
VR is always going to be a niche product. AR will likely have far more uses in reality.

The underlying reason is related to how vulnerable a person with a VR mask is. Users coexist with the real world when using their phone, or playing X-box, or watching a movie... Using VR takes you out of the real world and no matter how neat that is there is an underlying discomfort.
 
VR is always going to be a niche product. AR will likely have far more uses in reality.

The underlying reason is related to how vulnerable a person with a VR mask is. Users coexist with the real world when using their phone, or playing X-box, or watching a movie... Using VR takes you out of the real world and no matter how neat that is there is an underlying discomfort.

Besides the usual VR issue for some people, there really isn't any "discomfort" when playing in VR (not the type you are implying). It's actually more immersive than regular games. They just need to improve the hardware and software. It's a matter of time.
 
Another one trick pony who thinks he can get that lighting back in the bottle for a second time. With a bit of luck he'll carry on trying and bankrupt his nasty little empire.

I'm sure that some form of MetaVerse will be ubiquitous someday but I hope that it is an open-source open experience like the Internet and not controlled by some immoral money-grubbing privacy-invading data-scraper like Meta or Google.
 
I’ve lost that one, what zuckie did to anger people who made him at first place?

He didn't censor the people on FB who were telling the truth about vaccination (Covid vaccines to be specific). He didn't implement censorship in time. He didn't pay enough trolls to fight the truth on FB and Whatsapp. This made him a lot of rich enemies.

In comparison, YT and Twitter have hired shitloads of inhouse trolls to stop people from spreading the truth (not just about Covid, but other things). Well, at least until Elon bought Twitter. Now the censorship has been mostly lifted.
 
Fantastic. I hope Meta and facebook shut down. I don't wish for people to lose their jobs but the day facebook becomes a meme like MySpace currently is, the better. I still miss the old MySpace from 2007 where I could set a track to play as soon as my profile page was loaded.
 
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