![]() ![]() "It’s a level of investment we believe makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth," Bosworth wrote. According to Bosworth, 20% of Meta’s overall investments went to Reality Labs, with the other 80% going to Meta’s core business, Facebook, WhatsApp, and Instagram. In October, Meta revealed that its Reality Labs metaverse division lost over $3.6 billion in the third quarter of 2022, compared to $2.63 billion at the same time the year before. “The long-term value of these technologies will come from how they’re adopted by the ecosystem of developers, creators, and builders that has formed around these devices,” Bosworth wrote. Reality Labs, who created the Oculus Rift VR headset in 2016, was tasked to develop Meta’s metaverse project, which the company announced when it changed its name last year. Meta, then Facebook, launched Facebook Reality Labs in September 2020. “Economic challenges across the world, combined with pressures on Meta’s core business, created a perfect storm of skepticism about the investments we’re making,” Bosworth explained. Today’s news suggests that the trend could wane further.$0.00039429 1.69% Terra Classic (Wormhole) Hype around the trend died down in 2022, and the tokens named above have fallen back to baseline prices. Several mainstream companies also began pursuing metaverse and NFT plans then. The Sandbox similarly saw its SAND token gain 850% that month. The crypto-based VR world Decentraland saw its MANA token gain about 550% over November 2021, just after Meta announced its metaverse plans at the end of October 2021. Horizon Worlds features in-game tradable items, and although it does not use NFTs as the basis for those items, competing blockchain projects have capitalized on the similarity. However, Reality Labs’s metaverse ambitions are best known in the crypto community for spurring the trend of non-fungible tokens (NFTs) in virtual reality projects. Reality Labs also became responsible for various artificial intelligence (AI) projects beginning in 2022. Reality Labs is responsible for Meta’s “metaverse” products, including services such as its Horizon Worlds game and products such as its Quest headsets. According to reports from CNBC, the division’s fall in revenue seems to be due to declining sales and a need for VR technology that can be used with its devices. Meta also reported that its Reality Labs division saw $4.28 billion in operating losses in the fourth quarter of 2022 and $13.72 billion in operating losses over the entire year. ![]() META has risen from $148.01 to $153.12 over the past several hours. That news has positively affected the value of META stock, up 2.79% over the day. The firm also announced a $40 billion buyback today. Despite year-over-year losses (4% for Q4 and 1% for the entire year), Meta’s Q4 revenue was on the high end of the $30-$32.5 billion estimate that it predicted previously. The company saw substantial revenue, bringing in $32.17 billion during Q4 2022 and $ 116.61 billion over the entire year. Meta - formerly Facebook - reported positive news for general investors but bad news for those interested in its virtual reality (VR) division in its Feb. ![]()
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