- Facebook Reality Labs (FRL) divisions outlined a $2.8 billion loss in Q2, 2022.
- Shift from “Facebook” to “Meta” states Mark’s intention to get fully involved in the metaverse.
Meta’s metaverse division recorded a loss of $3.7 billion in the third quarter of 2022, which is around 1 billion higher than in Q2 2022. In the second quarter, Facebook Reality Labs (FRL) divisions outlined a $2.8 billion loss.
As the parent company released the Q3 report yesterday, the concentration of the world fell on the metaverse sector of firm. Meta CEO, Mark Zuckerberg, changed the company’s name from “Facebook” to “Meta”, a year ago stating his intention to get fully involved in the metaverse ideology.
Meta’s Metaverse Initiatives
David Wehner, Meta’s Chief Financial Officer (CFO) tagged along his commentary on the Q3 report stating, the loss in the Reality Lab division was expected. He also mentions the loss “will grow significantly year-over-year” in 2023. In a long run, post-2023, FRL will be accountable for the overall company growth.
David states:
“we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run”
Mark accepted the fact of facing challenges in the revenue. But he is also confident that the metaverse is the future and its ignorance will be a “mistake”. The release of products like Meta Quest Pro making metaverse accessible will be an addon boost to the company’s revenue.
Mark states:
“We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.”
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