The Metaverse branch of “Meta” loses $ 2.8 billion in the second quarter of 2022
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Answer The Metaverse branch of “Meta” loses $ 2.8 billion in the second quarter of 2022
revealed The giant social networking company “Meta”, hours before that its branch of “Metaverse” technology may incur losses of 2.81 billion dollars this quarter.
This puts the losses of this branch from the beginning of the year to the date of the moment at 5.77 billion dollars.
The Metaverse branch is distinguished by its focus on Metaverse products and devices and core content to drive Meta’s transition to metaverse.
In its Q2 2022 earnings report, the FRL division generated $452 million in revenue in the period, down 35% from the previous quarter.
Last year, the metaverse branch posted a staggering annual loss of $10.2 billion, and it’s currently on track to surpass that number in 2022.
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Mark Zuckerberg, CEO of Meta, commented on the scale of the losses incurred by the Metaverse branch by saying:
Obviously this is a very expensive undertaking over the next several years, but given that metaverses will become more important in every part of how we live…I’m sure we’ll be glad we played such an important role in building this.
When Zuckerberg changed Facebook’s name to Meta last fall, he redirected the company’s entire ethos toward dominating metaverses.
Even though the company’s multi-billion dollar branch of metaverse has yet to pay off, Zuckerberg has tried to convince shareholders that it’s a smart long-term strategy.
In this regard, Zuckerberg said:
By helping to develop these platforms, you will be free to build these experiences the way we think and the industry as a whole is best, rather than being constrained by our competitors.
I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not trillions over time.
The company’s total revenue improved just over 3% this quarter to $28.8 billion.
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After the release of its second-quarter earnings report, the company’s stock rose about 6% in after-hours trading to $169.
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