What They Say
Meta reported that in Q2 2022 its Reality Labs Division lost $2.9 billion in Q2 2022. Revenue was down by 35% from Q1 at $452 million.
Despite the losses, CEO Mark Zuckerberg remains optimistic about the future of the metaverse and said,
“This is a very expensive undertaking over the next several years … but as the metaverse becomes more important in every part of how we live … I’m confident we will be glad we played an important role in building this.”
Overall Met was down 1% in revenue from Q2 last year to $28.8 billion and profit was down by 35% to ‘just’ $6.7 billion.
What We Think
A couple of billion here, a couple of billion there and pretty soon we’re talking real money! I can’t help but admire Mark Zuckerberg’s chutzpah in continuing to pour money into the Metaverse. Then again, after the first billion, the actual amounts of money you have doesn’t seem to make a lot of difference, except to the scale of the yacht or the sporting club you own!(BR)
