ADVERTISEMENT
ADVERTISEMENT

Ouch: Meta cops $3 billion loss in its Metaverse-focus division

by | May 2, 2022 - 7:52AM | Tech

Mark Zuckerberg looking at his avatar in the Metaverse

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.

FOLLOW US ON
FOLLOW US ON GOOGLE NEWS

Check this out

Inside Justin and Hailey Bieber’s insane Rolls-Royce concept

Inside Justin and Hailey Bieber’s insane Rolls-Royce concept

Justin and Hailey Bieber's combined net worth is more than $300 million and that means they can afford just about anything they want. And you can't certainly call their taste 'boring'. This, for example, is an insane Rolls-Royce concept that West Coast Customs made...

Inside Rihanna’s crazy watch collection

Inside Rihanna’s crazy watch collection

The halftime show at the Super Bowl is a big deal and everyone wants to be a part of it - from major global brands to big-name music artists. Robyn Rihanna Fenty, aka Rihanna, has confirmed she will headline the halftime show at the upcoming Super Bowl LVII after a...

Sneak peek at the highly-anticipated world-first Apple car

Sneak peek at the highly-anticipated world-first Apple car

The highly-anticipated Apple car is set to be revealed in 2025, and Apple is keeping very tight-lipped about it.  Known internally as Project Titan, the car still doesn’t have an official name or look.  But with the help of technology, Supercar Blondie is...

ADVERTISEMENT

Most Popular This Week

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!