Meta suffered a nearly $4 billion loss from its metaverse unit with Reality Labs in what was otherwise a solid first quarter for the Mark Zuckerberg-led social media empire which posted a final profit of $5.7 billion.
While the $4 billion loss follows a $14 billion loss in 2022, Zuckerberg explained in the earnings report that Reality Labs will likely suffer more losses in the remainder of 2023.
“We continue to expect Reality Labs operating losses to increase year-over-year in 2023,” predicted Zuckerberg.
The losses suffered by Reality Labs were however negated by the firm’s developments in its artificial intelligence (AI) segment, the firm’s chief executive explained.
“Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision.”
While Zuckerberg recently labeled AI as the firm’s “single largest investment,” he said Meta’s metaverse ambitions remain a top priority for the firm.
“A narrative has developed that we’re somehow moving away
Go to Source to See Full Article
Author: Brayden Lindrea
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
