Reality Labs, a part of Meta that specialises in virtual reality (VR) and the metaverse, has reported losses for seven quarters in a row. However, Zuckerberg is unwavering in his commitment to investing in technology, which he describes as a huge opportunity.
Zuckerberg stated during Meta’s Q2 earnings call that such losses would persist for a number of years before VR applications and its Metaverse platform are developed enough to take advantage of the enormous market potential worth hundreds of billions of dollars.
In Meta’s Q2 financial announcement earlier in the day, it was made clear that Reality Labs had been experiencing a prolonged period of operational losses. For divisions in the research and development stage, such losses are common.
In order to integrate Meta users using its numerous social platforms, such as the metaverse, with the Oculus range of VR headsets, Reality Labs creates VR and augmented reality (AR) applications.
In the meantime, Meta is being sued by the Federal Trade Commission (FTC), which claims that the company wants to control the whole Metaverse market. According to the complaint, Meta’s actions in the market are impeding innovation and fierce competition among US-based businesses who want to develop platforms and apps for the metaverse.
Zuckerberg is optimistic that his company and its subsidiaries will emerge from the present economic slowdown as a stronger and more disciplined organisation despite the difficulties.
He credited this assurance to the investments his business is making right now to make sure it can continue to be a leader in a sector that might be changing to make room for new Metaverse platforms.
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