Zuckerberg stays optimistic about his goals in building the metaverse, even though Reality Labs, Meta’s team of experts developing virtual and augmented reality, experienced income losses.
Reality Labs lost $2.96 billion in Q1 2022 compared with a loss of $1.83 billion a year ago in Q1 2021. On the other hand, the unit earned $695 million during the first quarter of this year, an increase from $534 million in Q1 2021.
"I recognize it’s expensive to build this, it’s something that’s never been built before. And it’s a new paradigm for computing and social connection," Zuckerberg wrote.
Reality Labs focuses on building metaverse-related consumer hardware, software, and content.
Meta’s most promising metaverse item with the most profits is the headset. Over 2 million people downloaded the Meta Quest 2 app during the holidays. However, the new, premium headset will be “focused on work use cases and eventually replacing your laptop or work setup.”
On The Flipside
- Despite the financial loss in the metaverse project, the company’s stock has soared.
- In 2021, Meta spent $27 million on Zuckerberg’s security.
