Mark Zuckerberg Reacts To Meta’s Metaverse, Reality Labs Huge Loss In Q2. In the report published on 27 July, Meta has lost $2.81 billion in the Metaverse division, Reality Labs.
The Loss of Reality Labs
Meta Platforms (Facebook) generated $452M in revenue from its Reality Labs segment in the three months ending June 2022. Up from $305M last year.
But it lost $2.81B in operating profit from its AR/VR/Metaverse segment during the quarter alone, compared to $2.43B a year ago. pic.twitter.com/Anu30bLslS
— Dom (@DomsPlaying) July 27, 2022
Reality Labs is building AR/VR applications to bring together people through technological advancement.
Meta published its report in Q2 on 27 July. In that report, Meta’s Metaverse, Reality Labs, said it suffered a loss of $2.81 billion.
It is not the first time the loss has happened. The division also experienced a downfall in Q1 of $2.9 billion.
CEO Mark Zuckerberg’s Reactions
Despite the bad news, CEO Mark Zuckerberg remains positive. He said that the Metaverse would continue to develop in the future and be beneficial.
The whole Metaverse project will not get cheaper. Instead, it will be more expensive later. The CEO is confident that Meta will be happy that they are entering this industry.
He mentioned that such losses are not something new when it comes to a developing phase. He also said that the macroeconomic environment could play a role in the loss.
Overall, Mark Zuckerberg has been showing a positive attitude toward Meta’s situation. He is confident that the company will overcome the economic condition and remain a leader in the industry.
Since the news has dropped, the community has been buzzing about it. Many people in the community are voicing their views on the matter. They are looking forward to Reality Labs’ upcoming reports in Q3.
One reacted to the loss and said, “That is an entire AR/VR ecosystem’s worth of startup funding.”
$2.8 billion of loss (spend) for Meta’s Reality Labs in Q2. That’s an entire AR/VR ecosystem’s worth of startup funding. I think if that as 300 x Series A financings, or more than 3 per day for every day in the quarter!
— sarah guo 🌱 (@saranormous) July 27, 2022