In its first-quarter earnings report on Wednesday, Meta revealed that Zuckerberg’s Metaverse has taken a $4 billion loss.
Meta CEO Mark Zuckerberg keeps racking up losses from his metaverse investments while downsizing his social media company through cost cuts.
In its first-quarter earnings report on Wednesday, Meta said its Reality Labs unit, which is tasked with building the virtual reality and augmented reality technologies for the futuristic metaverse, recorded a $3.99 billion operating loss.
The unit generated $339 million in revenue during the quarter, a minuscule sum for a company that brings in tens of billions of dollars a quarter in advertising sales.
The loss did narrow, however, from $4.28 billion in the previous quarter on $727 million in revenue.
For all of last year, Reality Labs recorded an operating loss of $13.72 billion on $2.16 billion in sales, underscoring how VR and AR technologies have yet to reach the mainstream.
An empty parcel measuring 24,500 square feet on the sought-after Jumeirah Bay Island in Dubai was sold for Rs. 1 lakh per square foot, setting a new record.