Metauniverse-focused Division Lost $2.8 Billion

Metauniverse-focused Division Lost $2.8 Billion

Metauniverse-focused Division Lost $2.8 Billion

In April-June 2022, the loss of the Reality Labs division connected with the metaverse in the Meta structure amounted to $ 2.81 billion. (-$3.67 billion in the first quarter).

During the reporting period, revenue decreased from $695 million to $452 million, while the forecast was $431 million. For comparison, the figure for the company as a whole is $ 28.8 billion. Top management expects a drop in Reality Labs’ revenue in the third quarter.

“We are focused on long-term investments, including […] the metaverse, which will allow us to become stronger after emerging from the recession. […] The development of these platforms could generate hundreds of billions, if not trillions, of revenue over time, ” said CEO Mark Zuckerberg.

The head of the company promised to launch the web version of Horizon Worlds later this year. He also noted the excellent feedback from specialists regarding the Project Cambria devices being developed.

Starting August 1st, Meta will increase the price of Meta Quest 2 VR headsets by $100 and revise the price cap for peripheral products.

In 2021, Reality Labs posted a $10.2 billion loss on $2.3 billion in revenue.

Against the background of the publication of financial statements, the company’s shares ended the post-trading session on July 27 with a fall of 4.65%.

Market sentiment could also be affected by the FTC’s lawsuit against Meta.

The regulator intends to ban the company’s planned August 1 takeover of Within Unlimited, a startup developing Supernatural, a virtual reality fitness app.

“Meta plans to expand their virtual reality empire with this app that proves the value of space for users. The company would be one step closer to its ultimate goal of owning the entire Metaverse .

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