After switching its focus from being a social media company to one building Metaverse, Mark Zuckerberg's company Meta participated in its first earnings call, CNBC reported. Find out more at 🚀 Engineering
. While the social media segment is still raking in profits, its Reality Labs division, tasked with building the metaverse, revealed record losses: $10 billion in 2021.to build Metaverse, he also knew that the company would have to dig deep to make this happen and losses were a part of the deal, CNBC reported. In its earnings call, Meta's Chief Financial Officer David Wehner attributed $4.2 billion of the losses to employee costs, research and development, and the gear it had sold so far.
Even if that were true, Meta still needs to make this work. As Vox pointed out from the numbers of the earnings call, Meta has actually seen a dip in its number of users for the first time in its history. While this had been seen for the U.S. market before, Meta's expansion to other countries meant that the total number of users kept rising until now.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
VR to the ER: Metaverse Early Adopters Prove Accident ProneBattling tigers. Sword fighting in the living room. Virtual tennis. People playing games in the metaverse are running into obstacles, literally.
Read more »
Underwater Meditation and the Therapeutic Benefits of VRMarketed and sold as entertainment systems, VR is quickly proving an effective therapeutic device, used for everything from anxiety to MS treatments. Now, it's helping to alleviate the isolation of this prolonged quarantine. (From 2021)
Read more »
Meta Stock Falls Over 20% After Metaverse Project Loses Over $10 Billion In 2021Investors weren't pleased with the company's profitability—even after anticipating that its shift toward virtual reality and the metaverse would eat away at income.
Read more »
Mark Zuckerberg’s bet on the metaverse is off to an expensive start | EngadgetMeta lost just over $10 billion on its Reality Labs division in 2021, according to its fourth-quarter earnings report..
Read more »
First Mover Asia: Crypto Prices Plunge Late After Weak Meta EarningsBitcoin's two-day winning streak ended. The largest crypto by market capitalization fell sharply in late U.S. trading on Wednesday. Ether and other major altcoins also dropped. MuyaoShen and JPRubin23 report
Read more »
Facebook loses users for the first time in its historyFacebook parent Meta’s stock nosedived in after-hours trading as the company refocuses on the 'metaverse' and reports its hardware division bled more than $3 billion.
Read more »