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Meta to remain committed to its metaverse plans: Mark Zuckerberg

After rebranding from Facebook to Meta in 2021, Meta has redirected its efforts and resources toward the creation of an open and interconnected Metaverse

Shashank Bhardwaj
Published: Feb 2, 2023 05:46:37 PM IST
Updated: Feb 2, 2023 05:50:24 PM IST

Meta to remain committed to its metaverse plans: Mark ZuckerbergImage: Chris DELMAS / AFP

Despite the record losses of $13.7 billion in 2022 for its Reality Labs division, Mark Zuckerberg, the CEO and founder of Meta, has stated that the company has no intention of altering its strategy for the creation of a metaverse. This information was revealed in Meta's recent earnings report released on February 1st.

The fourth quarter of the year proved to be particularly expensive for the Reality Labs division, with losses amounting to almost $4.3 billion. This was also the largest quarterly loss recorded for the division since its financial information was made public.

During the earnings call on February 1st, Zuckerberg remained committed to the company's metaverse strategy. When asked about the efficiency of Reality Labs, he stated, "I have not seen any indications that we should change our Reality Labs strategy in the long term."

Zuckerberg also mentioned that the company is planning to launch a new, advanced consumer headset later in 2023 after the release of its Quest Pro Virtual Reality headset in October.

After rebranding from Facebook to Meta in 2021, Meta has redirected its efforts and resources towards the creation of an open and interconnected Metaverse, which Zuckerberg refers to as an "open" and "interoperable" metaverse.

Meta's chief financial officer, Susan Li, reinforced Zuckerberg's stance on the Reality Labs division during a Q3 earnings call. She confirmed that losses in the division are expected to increase in 2023, but the company plans to continue investing heavily in the area due to the promising long-term prospects.

Meta's total revenue for the fourth quarter reached $32.1 billion, surpassing expectations from Wall Street. This resulted in an increase in the company's stock price, with a jump of nearly 19.5 percent during after-hours trading, according to Yahoo Finance.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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