CNBC April 24, 2024
Key Points
– Mark Zuckerberg’s bet on the metaverse continues to be a money-bleeding endeavor, with the unit reporting billions of dollars in losses every quarter.
– In 2021, Zuckerberg changed the name of his company from Facebook to Meta to reflect his vision for the future of computing.
Meta shows no signs of substantially trimming its losses from investing in the metaverse, as competition heightens between the Facebook parent and Apple in the virtual reality market.
In its first-quarter earnings report Wednesday, Meta disclosed that its Reality Labs unit recorded a $3.85 billion operating loss. Revenue in the metaverse division was $440 million, up about 30% from $339 million a year ago and representing only around 1% of Meta’s...
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