Mark Zuckerberg, CEO of Meta Platforms Inc. asserted that despite recurrent losses in the billions of dollars at its division charged with creating the online virtual reality world, the giant of social media is not shifting its focus away from the metaverse.
In the first quarter of this year, Meta’s Reality Labs, a subsidiary devoted to developing virtual reality and the metaverse, reported an operational loss of US$3.99 billion, up from a loss of US$2.96 billion in the same period of the previous year. According to its annual report, Reality Labs recorded an operating loss for the entire year of 2022 of US$13.72 billion.
“We continue to expect Reality Labs operating losses to increase year-over-year in 2023”
In a telephone conversation on Wednesday after Meta released its first-quarter earnings report, Zuckerberg noted that building the metaverse is a long-term project and that “the rationale for it remains the same and we remain committed to it.”