Meta has incurred a loss of nearly four billion dollars from its metaverse division Reality Labs in an otherwise solid first quarter for the social media empire led by Mark Zuckerberg, which achieved a net profit of 5.7 billion dollars.
Although the four billion dollar loss follows a loss of 14 billion dollars in 2022, Zuckerberg explained in a corporate report that Reality Labs is likely to suffer further losses for the remainder of 2023.
– We still expect that the operational losses of Reality Labs will increase compared to last year, 2023 – predicts Zuckerberg.
However, the losses suffered by Reality Labs are countered by the company’s development in the artificial intelligence segment. Our work on artificial intelligence is driving good results in our applications and business. We are also becoming more efficient in building better products faster and positioning ourselves stronger to achieve our long-term vision – said Zuckerberg.
Although Zuckerberg recently labeled artificial intelligence as the company’s ‘largest single investment’, he stated that Meta’s ambitions regarding the metaverse remain a top priority for the company.
– A narrative has developed that we are somehow moving away from focusing on the metaverse, so I just want to clarify that this is not true. We have been focusing on both artificial intelligence and the metaverse for years and will continue to focus on both – said Zuckerberg.
