Better

Million

Billion

<ul class="list-ic vertical"> 
 <li> 1 <a>Meta generated over $30 Billion in revenue during the third quarter of this year.</a> </li> 
 <li> 2 <a>The company has lost over $20 Billion through its metaverse research arm.</a> </li> 
</ul> 
Virtual worlds still appear to be hurting tech giant Meta Platform’s finances. American technology website VentureBeat reports that the company lost $3.7 Billion to its metaverse research arm, Reality Labs. They have lost nearly $24 Billion in the last 21 months through this division. Meta CEO Mark Zuckerberg announced Facebook’s rebranding to Meta, showcasing their bet on the metaverse. 
<h2 class="wp-block-heading" id="strong-meta-s-financials-getting-better-overall-strong">Meta’s Financials Getting Better Overall</h2> 
The chief financial officer of Meta Platforms, Susan Li, explained during the latest quarterly analyst call that low sales in Meta Quest units have affected the revenue. Reality Labs generated $210 Million in revenue against expenditure of $4 Billion during the quarter. 
All in all, it was a better quarter for the company year-on-year according to Zuckerberg, generating $34.1 Billion in revenue. Furthermore, Li believes operating expenses will rise in the future. She expects infrastructure-related costs, payroll expenses, and Reality Labs operating expenses could contribute to this. 
The company still wears the crown of social media potentate with almost 40 percent of the global population using their family of apps. The company reports 3.96 Billion monthly active users on its platforms, a 7 percent increase year-on-year. Facebook alone had nearly 3 Billion individuals on the network. 
<h2 class="wp-block-heading" id="strong-still-high-on-metaverse-strong">Still High on Metaverse</h2> 
Mark Zuckerberg is still confident about his<a href="https://www.thecoinrepublic.com/2023/10/24/healthcare-metaverse-pioneering-future-tech-in-health/" target="_blank" rel="noreferrer noopener"> metaverse</a> bet whilst experts are debating whether it has met its end already. Recently, during an interview with American computer scientist Lex Fridman on the Lex Fridman Podcast, he showcased the technology they are working on to develop photorealistic avatars. It also became the first metaverse podcast to this date. 
Meta Quest series were the bestselling head-mounted devices (HMDs) during Q1 2023 with 20 Million units sold. However, this was disrupted by Sony’s PlayStation VR 2 (PSVR2) with Meta Platform’s extended reality (XR) market share declining to 49% in the quarter.&nbsp; 
Expensive devices are another reason Meta’s Quest series is having difficulty gaining traction. However, they are trying to make the headsets more budget-friendly for users. Recently, the company launched Meta Quest 3, the latest in its line of mixed reality (MR) products. 
Ming-Chi Kuo, a supply chain analyst, believes that the overall units in the Quest series could see the sales slashed to just half in contrast to last year. Furthermore, the negative trend may persist throughout 2024.&nbsp; 
According to a leak reported by MR-focused news website, MIXED Reality News, a much more cost-friendly headset code-named Ventura could hit the market to replace the aging Meta Quest 2 next year. 
Recently, Meta joined the fediverse, an ensemble of social media networks, with their latest social networking service, Threads. The concept resonates with true metaverse vision having several interoperable virtual worlds interacting with each other. Additionally, the company is also developing artificial intelligence (AI) solutions, one of the technologies essential for virtual worlds.

Metaverse Fails To Become Part of Meta’s Quarterly Financial Win

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Thecoinrepublic.com

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