Meta Announces Metaverse Unit Lost $5.7 Billion!

The division responsible for the production of Metaverse-related technologies such as virtual reality (VR) hardware and software reported quarterly sales of $452 million. This corresponds to a decrease of about 35 percent compared to the second quarter. Facebook changed its name to Meta in October last year to capitalize on the expected Metaverse trend. Zuckerberg reiterated that he is positive about the long-term outlook.

On Wednesday, he said that 'artificial intelligence is the main driver of Meta's business moving forward' and then the Metaverse emerged. Mark described Metaverse as "still a solid opportunity as it enables deeper social experiences regardless of where people are and could unlock trillions of dollars over time.

Revenue Declines while Users Increase!

Meta's quarterly revenue fell 1 percent to $ 28.8 billion, missing expectations of $ 28.9 billion. It was also reported that the decline was the first quarterly revenue decline in 18 years since the company's inception. The company cited recession fears and competition in digital ad sales as the reasons. After announcing its second quarter results, Meta's stock fell 4.6 percent to $ 161.70 in after-hours trading on Wednesday. It also fell 1 percent in pre-market trading on Thursday. According to TradingView data, the stock has fallen 52 percent since the beginning of the year. An analysis firm stated that total revenue for the third quarter will be between $ 26 billion and $ 28.5 billion. It also predicted that it would be below expectations of $ 30.32 billion. However, Meta's daily active users came in at 1.97 billion, beating estimates of 1.95 billion. This was interpreted as a major recovery data in the long term.   Source: nfxhaber.com