During a Q4 earnings call, Mark Zuckerberg said he saw no reason to deviate from the company’s long-term metaverse strategy.
Meta founder and CEO Mark Zuckerberg said the company has no plans to change its long-term plans for Metaverse, despite operating losses at its Reality Labs business rising in 2022.
Meta on February 1 released results showing Reality Labs lost $13.7 billion in 2022 – the biggest annual loss for its metaverse division.
The fourth quarter was a costly one, with the division losing nearly $4.3 billion, which was the division’s biggest quarterly loss since the company’s financial statements were released. In a call received on Feb. In response to a question about how the business performance affected Reality Labs, he replied:
“None of the signs I’ve seen so far indicate that we should change the long-term strategy of Reality Labs.”
He added that after completion in 2023, the company will release the next-generation consumer headset following the October launch of the Quest Pro Virtual Reality (VR) headset.
Meta CFO Susan Li also doubled down on her business Reality Labs, citing Zuckerberg’s statement during the third quarter that the company’s losses will rise in 2023. “We still expect our Reality Labs losses to increase in 2023, and we will continue to invest in this area because of the great long-term opportunities we see.”
Meta’s net income for the fourth quarter was $32.1 billion, beating Wall Street expectations.
The better-than-expected earnings numbers sent Meta’s price soaring after the bell, gaining nearly 19.5% in after-hours trading at the time of writing, according to Yahoo Finance.
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