Despite Reality Labs’ unprecedented losses, Meta CEO Mark Zuckerberg was unwavering in his metaverse plans during the company’s Q4 earnings call.
Despite Reality Labs’ loss of $13.7 billion in 2022, Meta continues to implement its metaverse strategies. Virtual reality and augmented reality are the primary focus areas for Reality Labs, Meta’s metaverse division. Reality Labs is also developing platforms like Horizon Worlds.
Meta maintains, in essence, the belief that the investment in Reality Labs will yield benefits in the future. Zuckerberg said during the call, ‘I haven’t seen any signs yet that say we should change Reality Labs’ long-term strategy.
The harsh reality of Meta’s Reality Labs
Meta’s Reality Labs is currently losing money. The division suffered a loss of $4.3 billion in the fourth quarter. In fact, the division has suffered its most considerable quarterly loss to date.
Susan Li, the chief financial officer of Meta, believes that Meta’s Reality Labs has a bright future despite this reality. Li also anticipates additional losses for the company.
She stated, Given the significant long-term opportunities that we see, we will continue to invest meaningfully in this area. We still expect our full-year Reality Labs losses to increase in 2023.
Meta comes back There are still good things about Meta. In fact, Meta generated $32.1 billion in total revenue during the fourth quarter.
As a result, Meta’s stock price has increased by approximately 40% since the company’s quarterly earnings call.
Zuckerberg is also planning to introduce a brand-new “next-generation consumer headset” in 2023. The Meta Quest Pro is the most recent VR headset offered by Meta at the moment.
New features include face tracking with inward cameras and mixed reality with a full-color video feed on the Meta Quest Pro.
Reality Labs is fully committed to its vision for the internet’s future and shows no signs of slowing down.
