Ouch: Meta cops $3 billion loss in its Metaverse-focus division
Published on May 02, 2022 at 7:52 AM (UTC+4)
by Alessandro Renesis
Last updated on May 02, 2022 at 7:52 AM (UTC+4)
Edited by
Kate Bain
It’s been a few months since Mark Zuckerberg decided to change Facebook’s corporate name to Meta as part of a major rebrand and things haven’t been going so well.
Back in February, Meta set a negative record for the biggest daily loss in the stock market and now it has reportedly lost $3 billion in its VR and AR division in Q1 2022.
Meta is heavily invested in the Metaverse and even though things aren’t going as planned, Zuckerberg believes the company is now “laying the groundwork for a very successful 2030s.”
As for the financial performance of the company, shareholders won’t be too happy about it, but after all – this is a drop in the ocean for Meta.
During the same period, the firm has reported nearly $28 bln in revenue, most of which comes from Facebook and Instagram.
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