Lost less money compared to last quarter
As per the numbers revealed by Meta, the company lost relatively less amount of money compared to the corresponding quarter last year. In Q1 2022, Meta had recorded a loss of $4.28 billion but now the number is $3.99 billion. The revenue from Meta Reality Labs was close to $339 million. One of the biggest source of revenue — at present — is the Quest series of headsets. Meta slashed the prices of the headset last month. However, as per a report by CNBC, sales of VR headsets declined by 2% in 2022.
Meta CEO Mark Zuckerberg remains confident about the metaverse as the company plans to invest more in the space. During the earnings call, Zuckerberg said that the company has no plans to shift its focus from the metaverse. “A narrative has developed that we’re somehow moving away from focusing on the metaverse vision, so I just want to say upfront that that’s not accurate,” he told the investors.
He said that “building the metaverse is a long term project, but the rationale for it remains the same and we remain committed to it.”
Zuckerberg also confirmed that Meta will launch a new consumer-oriented virtual and mixed-reality device later this year. “We launched Quest 2 almost three years ago at this point. It was a very big step forward for VR, and I’m really excited to show the world all the improvements and new technology that we have developed since then at a price point that will be accessible for lots of people,” he added.
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