Meta sustained around four billion dollar worth losses from its metaverse unit with Reality Labs, which resulted in a final profit of $5.7 billion, as stated by Cointelegraph.
According to Cointelegraph, Mark Zuckerberg, founder and CEO, Meta, stated in the earnings statement that Reality Labs will incur more losses for the rest of 2023. “We continue to expect Reality Labs operating losses to increase year-over-year in 2023,” Zuckerberg predicted.
“Our AI work is driving good results across our apps and business. We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long-term vision,” Zuckerberg said.
Based on information by Cointelegraph, Zuckerberg has termed AI as Meta’s “single largest investment.” It’s believed that Zuckerberg also emphasised on how metaverse tech will benefit AI-oriented developments. “Metaverse technology will also help deliver AI as well. For example, embodying AI agents will take advantage of the deep investment that we’ve made in Avatars over the last several years,” Zuckerberg highlighted.
Moreover, Cointelegraph noted that Zuckerberg spoke on Meta’s need for “a lot of foundational work to do,” prior to ensuring “really futuristic experiences” for its users.
(With insights from Cointelegraph)