Mark Zuckerberg is a firm believer. his legless, vague, Poor rendering A chalk drawing of the virtual world known as the meta metaverse. Or at least that’s the gist of what he told investors in his company’s third quarter. Financial results announcement on wednesday.
Zuck admits that there are people out there who don’t like the metaverse.[[Reference: Memes]But the CEO and founder of Facebook doesn’t get their point. “I don’t think it’s really the right way to think about it…I think the team is making very good progress. And I think this will be fundamentally important for the future. There is nothing to suggest otherwise,” he said.
Indeed, looking at the product itself, it’s hard to believe that Meta’s Horizon Worlds, or any other aspect of the company’s metaverse, would be “fundamentally important.” graphic updateBut even in the face of repeated questions that big money is being poured into the Metaverse project, reality (and virtual reality) hasn’t stopped doubling and tripling Zuckerberg’s worth. “I think this is some of the most historic work we do. I think people will look back decades from now and talk about the significance of the work done here.” He insisted. Of course.
For context, the company said it has spent nearly $9.5 billion on metaverse and virtual reality projects in the past nine months.s Q3 reportAbout $3.7 billion in July-September alone. Meta, on the other hand, has him only earning $285 million.s VR work was $1.4 billion last quarter and the previous fiscal year. The operation and development of the Metaverse have suffered a great loss.
And all of Meta’s other tentacle arms aren’t all that hot, either.‘s overall profit decreased by 52%.Zuckerberg at least acknowledged that his company faces “short-term challenges” and that the meta aspect should shrink“By the end of 2023, we expect to be about the same size or slightly smaller organization than we are today,” said the CEO.
Part of that shrinkage is likely to be very literal. The company’s straight back CFO Dave Whener reiterated that Meta is “consolidating.” [its] Office facility footprint. It was one of the few financial decisions discussed on an investor conference call, and it seems logical, especially considering it was fully adopted by the company. flexible remote work policy.
Otherwise, Zuckerberg says meta will focus on itFuture investments in Reels recommendations, advertising, business messaging (including in-Messenger ads), and (you guessed it) the AI algorithms behind the Metaverse.
Meta Shares Following Earnings Report And Investor Call about 25% lower.