Meta released its Q1 2022 earnings to the public today, and it reports massive growth for its daily active users, but not so much for the Reality Labs that work on the metaverse. Mark Zuckerberg, Meta CEO, brought this news for everyone to know, and it talked about how much the metaverse is expensive to build, with the founder saying that it will soon flourish.
Meta Reality Labs Lost Almost $3B for the Metaverse
Meta released a report regarding its Q1 2022 earnings for the January to March period earlier this year. One of the highlights of this report is Meta's take on the metaverse, with Zuckerberg bringing the news to its investors and board members regarding its operations and the status of the project that Meta is trying to build.
As of now, Reality Labs, the metaverse department that has Oculus under its wings, lost $2.96 billion for the first quarter alone. Last year, it lost more than $10 billion for creating and developing the metaverse for the company.
So far, Reality Labs is not earning a lot, and in fact, loses money for its budget allocation. However, the CEO and Founder are hopeful for the future, especially when the world gets more integrated into the metaverse.
Read also: EU Digital Services Act: Google, Meta, and MORE Needs to Explain Their Algorithms to Users
Meta's Q1 2022 Earnings: Facebook DAU Growth
Facebook's DAU growth is seeing a return in its numbers, compared to last year's statistics that got compared to other social media platforms in the world. In this quarter, it rose to 1.96 billion on Facebook, and it went ahead of last year's numbers which placed it at 1.92 billion.
The CEO is hopeful for the return of users to Facebook, as well as the metaverse project of the company.
Meta and the Metaverse
The metaverse from Meta focuses on improving more of its offers, and it mainly relies on its $300 headset from the former Oculus company, now the Reality Labs. One of the latest improvements made by Meta is to upgrade the Oculus Quest 2, particularly with the hand tracking update that adds more body parts to consider for its VR functions.
The Meta company is improving on its tech wearables that focus on the virtual and augmented reality features it brings to the table. Another device from the company brings more integrations and features to the table, with the latest update to the Ray-Ban Stories. The AR sunglasses wearable brings more functions to the device, with WhatsApp integration leaked by insiders.
Meta is focusing on its VR and AR ventures, making the company devoted to the metaverse which Zuckerberg believes is the future of the internet. The next generation of the online world will soon replace how people connect and interact, especially with the wide reach of the metaverse.
The company thinks this is a fine investment for the future, something which they will devote their money and resources to still build it.
Related Article : Facebook-owner Meta Set to Launch Physical Store to Promote Metaverse
This article is owned by Tech Times
Written by Isaiah Richard
