News - Turnaround for Mark Zuckerberg's Metaverse?

By Luc Vesters

Turnaround for Mark Zuckerberg's Metaverse?


Meta released its fourth quarter results yesterday, Feb. 1. Despite strong sales, the Metaverse Reality Labs division still significant losses.

Between September and December 2023, Meta lost about US$4.65 billion through Reality Labs. Last year as a whole, the division generated a loss of a whopping US$16.1 billion, up 17.5 percent from the previous year. Still, Meta is celebrating a success: with total revenue of US$1.1 billion, Q4 was the most successful quarter for the Metaverse division to date.

Meta CEO Mark Zuckerberg is also confident about the new year. "We have made great progress on our vision to advance AI and the metaverse," he said, justifying the billion-dollar spending. The company's total revenue in the fourth quarter of 2023 was about $40.1 billion, 25 percent more than in 2022.

As a result, the share price of Meta by 14 percent in after-hours trading and was quoted USD 365 at the time of writing.

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