The Metaverse division of Meta records a loss in the third quarter 2022…Details here
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Answer The Metaverse division of Meta records a loss in the third quarter 2022…Details here
The Metavirus division of Meta Corporation (formerly Facebook) has published “Meta Facebook Reality Labs (FRL)” third quarter report for the year 2022.
The report published on Wednesday showed that the metaverse division lost more than $3.7 billion in the third quarter of 2022, generating only $285 million in revenue.
The “FRL” division of Meta Corporation is responsible for the research and development of augmented and virtual reality in Meta as well as metaverse operations.
The division’s revenue of $285 million for the third quarter was a reduction from the $558 million it generated last year.
The latest loss was a follow-up to other previous losses.
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This year, Meta’s metaverse division saw losses of $9.4 billion, compared to $6.9 billion in the same period last year.
Mark Zuckerberg, founder and CEO of Meta, said:
Our community continues to grow, and I’m happy with the strong participation we’re seeing driven by advances in the discovery engine and products like Reels.
While we face near-term revenue challenges, the fundamentals are there to return to stronger revenue growth.
We are approaching 2023 with a focus on prioritizing and efficiencies that will help us navigate the current environment and emerge stronger.
Shares of Meta are down more than 15% in after-hours trading on Wednesday.
Shares are down more than 60% this year.
The company’s “Horizon Worlds” platform is struggling to win over users as revenue has plummeted, according to a recent report from the Wall Street Journal (WSJ).
Meta’s initial goal was to reach 500,000 monthly active users of Horizon Worlds by the end of 2022.
But the company revised its goals and that number fell to 280,000 users.
According to the Wall Street Journal, internal documents show the current number of users is less than 200,000.
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User behavior showed that visitors to Horizon Worlds stop visiting the app after the first month, according to documents seen by the aforementioned source, and the user base has gradually decreased since March 2022.
Horizon is designed as a sprawling collection of interactive virtual spaces or worlds, where avatar users can shop, party, work…
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