HomeNewsMeta’s metaverse business reports more than $10B in losses for 2021

Meta’s metaverse business reports more than $10B in losses for 2021

- Advertisement -


A few months after Facebook changed its corporate name to meta, the company has reported a loss of more than $10 billion after scaling its development in the metaverse sector.

Such large-scale losses emerged as Meta looks to accelerate its operations in AR/VR technology, something its founder and CEO Mark Zuckerberg envisions as the future of the internet.

In its fourth-quarter financial results posted Wednesday, Meta’s Reality Labs division, which oversees the development of augmented and virtual reality operations, has reported a growing loss of $10.2 billion for the year 2021.

Meta had announced plans to reveal the financial results of Facebook Reality Labs (FRL) during its third-quarter earnings release of 2021. At the time, the company noted that it had dedicated “significant resources” towards its newest division, and the disclosure would offer additional information on the performance of FRL.

According to the latest results, FRL has posted a revenue of $2.3 billion in 2021 whilst the social media giant’s cumulative earnings from its apps, including Facebook, Instagram, and Whatsapp, roughly amounted to $116 billion. Meta’s share price plunged by 22% following the revelation of its financial results.

Nonetheless, the recent losses have not deterred Meta’s plans in any way, which recently shut down its stablecoin project Diem after facing multiple regulatory hurdles. The company’s CFO said during the earnings call that operating losses of Reality Labs are expected to “increase meaningfully” in 2022 as well.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,579FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 44,346.00
ethereum
Ethereum (ETH) $ 3,167.74
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 348.89
litecoin
Litecoin (LTC) $ 140.61
eos
EOS (EOS) $ 2.72
okb
OKB (OKB) $ 23.29
tezos
Tezos (XTZ) $ 4.23
leo-token
LEO Token (LEO) $ 4.82
cardano
Cardano (ADA) $ 1.24
monero
Monero (XMR) $ 183.80
stellar
Stellar (XLM) $ 0.253167
chainlink
Chainlink (LINK) $ 19.26
huobi-token
Huobi Token (HT) $ 10.00
tron
TRON (TRX) $ 0.069709
usd-coin
USD Coin (USDC) $ 0.999947
dash
Dash (DASH) $ 117.99
neo
NEO (NEO) $ 23.66
iota
IOTA (MIOTA) $ 0.993727
nem
NEM (XEM) $ 0.121757
zcash
Zcash (ZEC) $ 130.64
maker
Maker (MKR) $ 2,295.29
paxos-standard
Pax Dollar (USDP) $ 0.998615
ethereum-classic
Ethereum Classic (ETC) $ 32.42
vechain
VeChain (VET) $ 0.068132
true-usd
TrueUSD (TUSD) $ 0.999897
ftx-token
FTX Token (FTT) $ 47.80
kucoin-shares
KuCoin Token (KCS) $ 20.60
waves
Waves (WAVES) $ 11.03