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HomeIndustriesOther IndustriesMark Zuckerberg's Meta suffers $2.8-B loss in metaverse division in Q2

Mark Zuckerberg’s Meta suffers $2.8-B loss in metaverse division in Q2

Despite the loss and the FTC complaint, Zuckerberg stated that it is positive about its metaverse segment and, due to the overall macro-economic condition, the company is facing a loss

Meta, formerly Facebook, in a second-quarter earnings call, has disclosed that it has suffered a loss of $2.81 billion in its Facebook Reality Labs division, which includes its virtual reality operations and metaverse platform, as per reported by YourStory.

As per reported by YourStory, Facebook Reality Labs builds virtual reality and augmented reality applications to allow Meta users to engage with VR headsets via various social platforms.

As per reports, in the first quarter, the firm had incurred a loss of $2.96 billion; with this in consideration, analysts had predicted a $3.67-billion loss for the second quarter.

Earlier in 2021, reports suggested that the firm reported a loss of $10.2 billion, and, in that, $2.3 billion was the loss incurred from Facebook Reality Labs.

As per YourStory, Recently, the US federal reserve system had hiked interest rates by 0.75 percentage point for the second consecutive time to fight inflation.

Meta CEO Mark Zuckerberg said, due to the increase in Fed hiked rates, the firm had to conduct an earnings call on July 27. On the same day, the US Federal Trade Commission (FTC) filed a lawsuit against Meta claiming that the company intends to monopolise the entire metaverse market. The complaint states that Meta and Mark Zuckerberg are attempting illegal acquisition to expand the virtual reality empire.

Despite the loss and the FTC complaint, Zuckerberg stated that it is positive about its metaverse segment and, due to the overall macro-economic condition, the company is facing a loss. The firm also stated that, in the coming years, the firm would invest even more in the metaverse segment.

Earlier, Meta had released a video series to explain the metaverse to users. It also announced that it has hired American actress and singer Keke Palmer as the host of its show Are We There Yet?, as per YourStory.

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Khushbu Soni
Khushbu Sonihttps://www.cionews.co.in
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