For the second time after rebranding Facebook, its quarterly earnings dropped $3B in the first quarter of 2022.
A $3B loss: Last year in October Zuckerberg announced the adoption of Meta from facebook to focus the company’s vision for the metaverse and since the announcement it has sent a rapid increase on many tokens to stimulate the interest of everyone in the metaverse.
Meta CEO also revealed some of its plan from Meta’s family app that they will join NFTs on Instagram and Facebook and along with this Horizon Worlds, Meta’s social VR app, will begin rolling out creator monetization features.
And after some time Meta will launch a new version of Horizon worlds that will welcome people who don’t have $300 to get a VR headset and along with this Zuberagerg added that Horizon is the “centerpiece” of the company’s strategy to develop the metaverse.
In the first quarter of this year, Meta’s Reality Labs operated at a loss of $2.96 billion. Moreover, Reality Labs also lost over $10 billion last year. Zuckerberg explained that the vision for Meta is “expensive to build” and “Meta’s overall profitability won’t grow in 2022.”
She is a writer based in the India. She loves to write about the things that spark her interest like tech, art, blockchain, metaverse and NFTs.