Despite huge losses for Reality Labs, Meta CEO Mark Zuckerberg was resolute in his goals for the metaverse during the company’s Q4 earnings call.
Despite Reality Labs losing $13.7 billion in 2022, Meta is moving through with its plans for the metaverse. Reality Labs, a division of Meta that specializes in virtual and augmented reality, is the company’s metaverse division. Furthermore, Reality Labs is developing websites similar to Horizon Worlds.
In essence, Meta continues to think that the financial commitment to Reality Labs will be fruitful in the long run. “None of the signs that I’ve seen so far suggest that we should modify the Reality Labs strategy long term,” Zuckerberg stated during the conference call.
Brutal reality
Meta’s Reality Labs is now in the red. The division lost $4.3 billion in the fourth quarter. In actuality, this is the division’s biggest quarterly loss to date.
In spite of this fact, Meta’s chief financial officer, Susan Li, remains optimistic about the future of Reality Labs. Li also anticipates the company suffering additional losses in the future.
Given the tremendous long-term prospects we see, she added: “We still expect our full-year Reality Labs losses to climb in 2023, and we’re going to continue to meaningfully spend in this area.”
After receiving feedback, Meta recently updated the Horizon Worlds avatar graphics. Credit Mark Zuckerberg Meta defends himself
For Meta, there are still good things to say. In fact, $32.1 billion was Meta’s total revenue for the fourth quarter.
As a result, Meta’s stock price is increasing once more and has increased by about 40% since the company’s quarterly earnings call.
New headset from Meta
Later in 2023, Zuckerberg also intends to introduce a brand-new “next generation consumer headset.” The Meta Quest Pro is currently Meta’s newest VR headset product.
New capabilities including mixed reality with a full-color video feed and facial tracking with internal cameras are available with the Meta Quest Pro.
Reality Labs is currently going strong and is completely dedicated to its vision for the future of the internet.