Meta continues to lose billions of dollars due to emphasis on Metaverse.
Facebook Reality Labs (FRL), lost $13.7B on revenue of $2.2B in 2022.
Despite a stated shift in focus toward AI, Meta has not abandoned the metaverse. This was reaffirmed by Meta founder and CEO Mark Zuckerberg during an earnings call.
Zuckerberg stated:
“Our investments in AI continue. We remain fully committed to the Metaverse vision as well. We’ve been working on both of these two major priorities for many years in parallel now, and in many ways the two areas are overlapping and complementary.”
Ambitious Long-term Horizon
The social media behemoth continues to lose billions of dollars as a result of its emphasis on the metaverse. At Meta, the subsidiary in charge of the metaverse, known as Facebook Reality Labs (FRL), lost $13.7B on revenue of $2.2B in 2022, up from a loss of $10.2B on revenue of $2.3B in 2021.
The CEO added:
“This is an ambitious long-term horizon, multi-faceted roadmap. There are lots
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