Ouch: Meta cops $3 billion loss in its Metaverse-focus division
Published on May 01, 2022 at 11:52 PM (UTC-4)
by Alessandro Renesis
Last updated on May 01, 2022 at 11:52 PM (UTC-4)
Edited by
Alessandro Renesis
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.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
