Meta today announced its quarterly earnings results. The revenue was $28.65 billion and net income was $5.7 billion. Meta’s Reality Labs unit’s revenue was down 51% YoY from $695M to $339M and operating loss up 35% YoY from $2.96B to $3.99B. Without Reality Labs, Meta’s results would have been even more spectacular. But Meta wants to invest in the future, not in near term financial objectives.
Also, during the earnings call, Mark made it clear that Meta is not moving away from its Metaverse vision.
A narrative has developed that we’re somehow moving away from focusing on the metaverse vision, so I just want to say upfront that’s not accurate. We’ve been focusing on both AI and the metaverse for years now, and we will continue to focus on both.
Mark mentioned that AI and Metaverse are related. Mixed reality is built on a stack of AI technologies for understanding the physical world and blending it with digital objects. Meta’s vision for AR glasses involves an AI-centric operating system that will be the basis for the next generation of computing. Metaverse technologies will also help to deliver AI as well.
Building the metaverse is a long term project, but the rationale for it remains the same and we remain committed to it. – MARK ZUCKERBERG
Meta is now gearing up to launch its next generation consumer virtual and mixed reality device later this year. Meta Quest 2 was launched almost three years ago. Later this year, Meta will showcase the improvements and new technology they have developed since then at a price point that will be accessible for lots of people.