It appears that Meta is having a bit of a turnaround. They exceeded income projections and had expanding incomes for the first three quarters. However, this good news follows a lot of downsizing, leading to ten thousand people losing their jobs in the last twelve months.
Technological trends tend to cycle quickly, and the metaverse was recently all the hype. Now, however, the technology of the moment is AI. Despite significant financial losses due to previous metaverse investments, CEO Mark Zuckerberg has made it clear that he does not intend to abandon the metaverse completely, but instead views AI as an approach that can complement the metaverse.
Mark Zuckerberg argued that reports suggesting the company is losing sight of its metaverse ambition are untrue; he clarified that artificial intelligence and the metaverse remain central to the project, and will continue to be so.
Meta is not planning to make a profit from Reality Labs as of now, but certain investors are speculating if this large expenditure is worth it. Mark Zuckerberg’s interest in further Artificial Intelligence (AI) progress appears to have calmed some of the apprehension — and Meta’s stock price has benefited from this — however, creating this combined digital/real world still carries a heavy financial burden.
Reality Labs, the part of Meta that works on Virtual Reality (VR) and Augmented Reality (AR), had a loss of almost $4 billion during this quarter. The whole of last year saw a loss of a whopping $13.7 billion. Nevertheless, Zuckerberg noted that the technology behind VR and AR does call for Artificial Intelligence (AI).
Mark Zuckerberg stated on the conference call that their goal for AR glasses is an OS where Artificial Intelligence takes the lead, which they believed will be the beginning of the following stage of computing.
Concerning its virtual reality world idea, Zuckerberg stated that 50 percent of regular online users on Quest headsets use their device for longer than 60 minutes per day. Meta did not reveal precisely how many individuals employ Quest headsets on a daily basis.
Mark Zuckerberg stated that although creating the metaverse is an extended endeavor, their reasons for doing so have stayed consistent, and he is still devoted to the mission.