According to the earnings report that was released on Wednesday, Mark Zuckerberg’s company, Meta Platforms, continues to suffer significant financial losses in its infant Facebook Reality Labs subsidiary. This division is responsible for the company’s augmented and virtual reality activities.
Despite the fact that Reality Labs is projected to incur operating losses in 2022, Zuckerberg has said that the business has no intentions to alter its long-term vision for the metaverse.
The financial report revealed that the business suffered a loss of $13.7 billion in 2022, which was the company’s metaverse-building division’s all-time greatest annual loss to date.
Zuckerberg has said that he anticipates rapid expansion of the Reality Labs ecosystem over the next years. Later this year, Meta intends to deploy its next-generation consumer VR headset, and Mark Zuckerberg has said that he believes it will establish this technology as the foundation for all headsets moving ahead and, of course, for AR augmented reality glasses as well in the long run.
As evidence of success, Zuckerberg pointed out that there are already more than 200 virtual reality applications in Meta’s ecosystem that generate more than $1 million in revenue and that more than 100 million WhatsApp users have generated animated avatars since the functionality was introduced a quarter ago.
According to him, as virtual reality technology advances, most people will encounter the metaverse for the first time on their mobile devices and begin filling up their digital identities across all of their applications.
Zuckerberg stated:
“We still expect our full-year Reality Labs losses to increase in 2023, and we’re gonna continue to invest meaningfully in this area given the significant long-term opportunities that we see.”
