The goals Meta has for the metaverse this year are still difficult to achieve. The project reportedly lost $2.8 billion in Q2 2022. The quarterly report shows that Meta’s Reality Labs has lost more than $9.43 billion so far this year.
According to the report, “We do anticipate that Reality Labs operating losses in 2023 will grow significantly year over year.” Beyond 2023, we anticipate timing Reality Labs investments so that we can achieve our goal of growing overall company operating income in the long run.”
The term “metaverse” is frequently used to refer to the upcoming Internet. People interact as 3D avatars in persistent, shared virtual worlds, which make up the majority of the metaverse.
Reality Labs, a division of Meta that designs hardware and software for virtual and augmented reality projects like the Horizon World metaverse and the Oculus virtual reality headset, was established in August 2020.
When it was discovered that the legs added to the avatars that would reside in the metaverse were faked using motion capture, Horizon Worlds received new criticism on social media earlier this month.
Despite the disappointing financial report released today, CEO and founder of Meta Mark Zuckerberg is still upbeat about the company’s and its metaverse’s future.
The fundamentals are in place for a return to stronger revenue growth, he said, even though we currently face challenges with revenue. In order to navigate the current environment and grow as a company, we are approaching 2023 with a focus on prioritization and efficiency.
