TECH NEWS – Revenues at Meta’s virtual reality division, Reality Labs, have nearly halved.

Many may remember when Facebook switched to Meta to invest in the “metaverse”. They weren’t the only ones who recognised the possibility. Even Phil Spencer clarified his point with what the term means to him. But Meta’s calculations don’t seem to have worked out so far.

As you can see, Meta has fallen roughly 25% in the stock market. All this happened after it published its financial results yesterday. Quarterly profits fell 52% ($4.395 million) compared to last year’s period. Despite this, Mark Zuckerberg called on investors to be optimistic: “I believe that those who are patient and invest in us will be rewarded in the end”.

The VR division, responsible for the metaverse, has posted a loss of around $9.4 billion this year.

The virtual reality division responsible for the metaverse’s revenue at Reality Labs fell 48.9% ($285 million). In the third quarter, the loss was $3,672 million. In the previous quarter, it was only $2,630 million. “While we face near-term challenges in revenue, the fundamentals are in place to return to stronger revenue growth,” Zuckerberg said in this quarter’s report.

There are no major moves around the metaverse for the time being. However, several companies have already taken the first steps to start doing business in this universe. Meta was first launched last October to make the metaverse the future of the internet. The other is Bandai Namco, which has changed its logo and is preparing to invest €113 million in the metaverse.

The company has set a date for the closure of the Facebook Gaming app, but some features will be taken over.

The Meta Quest 2 virtual reality goggles have been the focus of controversy in recent weeks, and for a good reason. Meta Quest 2 has increased its price by $100. It tried to compensate for this with a very popular game. One reason for the controversial decision is easy to guess. Meta’s virtual reality division suffered a multi-million dollar loss in the last quarter…

Source: Forbes