Metaverse Unit of Meta Records $2.8B Loss in Q2 2022 Report

Metaverse Unit of Meta Records $2.8B Loss in Q2 2022 Report
  • During the first three months of the year, this division earned $695 million.
  • Zuckerberg has been promoting interoperability for the metaverse.

The virtual reality and metaverse section of Meta’s (Facebook) Reality Labs, overseen by Mark Zuckerberg, suffered $2.8 billion in losses. This was disclosed in Meta’s second quarter 2022 earnings call. Reality Labs made $452 million in sales. During the first three months of the year, this division earned $695 million.

In addition, the world economy has taken a significant knock in the previous several months. Despite the setback, CEO Mark Zuckerberg remained optimistic about the future of the company and the metaverse. Facebook CEO Mark Zuckerberg predicted that these losses will continue for many years on a conference call. He went on to say that this would remain the case until the metaverse gained wider acceptance and matured in its use. Because of Zuckerberg’s immense confidence in the Metaverse narrative, Facebook underwent a rebranding as Meta.

Global Metaverse Adoption on the Rise

The race to the metaverse seems to be taking place throughout the world. As of right now, it seems like South Korea, Dubai, and Japan were currently in lead. Zuckerberg, on the other hand, sees Apple as a serious threat to Meta. To him, they were engaged in an intense philosophical battle. According to reports, Apple has been working on VR and AR models.

Zuckerberg has been promoting interoperability for the metaverse, or what he envisions as the next significant chapter in computing after mobile phones, since renaming Facebook’s firm Meta. The Metaverse Open Standards Group was recently formed with Microsoft, Epic Games, and others, along with Meta. The goal is to encourage the development of open protocols that will make it simple for individuals to transfer their virtual commodities around in future immersive 3D environments.

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