Meta is losing more on its metaverse bet than ever, but Zuckerberg is telling investors and employees to trust him
Toward the end of Meta’s earnings call on Wednesday discussing the company’s results for Q3 2022, CEO Mark Zuckerberg took a moment to address his metaverse doubters.
“Look, I get that a lot of people might disagree with this investment, but from what I can tell, I think this is going to be a very important thing,” he said. “People will look back a decade from now and talk about the importance of the work being done here.”
“People will look back a decade from now and talk about the importance of the work being done here”
The numbers are staggering (PDF): Meta’s Reality Labs division lost $3.7 billion this last quarter and $9.4 billion this year so far. It made only $285 million in revenue for the quarter, a nearly 50 percent drop attributed primarily to weaker sales of the Quest 2 headset that got a $100 price hike in August. The next version of that headset is currently planned for release in the second half of next year, and Meta just released its Quest Pro this week, a pricier $1,499 version marketed for work use cases.