Reality Labs: half of profits and more expenses in the third quarter of 2022
The Meta economic balance sheet for the third quarter of this year has just been presented, and the data from the division Reality Labs they don’t seem to have reassured investors. Operating losses amount to 3.672 million of dollars, one billion more than in the same period of the previous year. The income, moreover, is this time only from 285 million of dollars, half as much as in the Q3 of 2021.
In the second quarter of this 2022, Reality Labs had 452 million in revenues and 2,806 million in losses. In the first balance sheet of this year, the results in terms of expenses were similar to the one presented yesterday, but the revenues were much better thanks to the sales pull of Quest 2, a momentum that seems to have been reduced.
Mark Zuckerberg’s bet on the XR and the metaverse is not to the liking of some shareholders, who see how the company has been losing value on the stock market for months. One of them even published an open letter this week asking to abandon that project that is costing the company so many millions of dollars and demanding a 20% reduction in staff.
Meta shares fell by 19% after the Q3 results were announced.
However, the CEO of Meta in his speech to investors has once again highlighted the importance of having taken that path for the company, warning once again that the road to the next computing platform is long, but necessary because it is a work that will have historical importance.
There is still a long way to go to build the next computing platform. This is a very large company and several versions of each product are needed before they become mainstream. I believe that our work will have historical significance and will create the basis for a whole new way of interacting with others and integrating technology into our lives,” says Mark Zuckerberg.
The CEO of Meta has also defined the four areas in which they are working to make their vision a reality. The first would be the social metaverse, of which Horizon Worlds is a very early version. The second would be virtual reality, viewers for consumers, on the one hand, and for professionals on the other. Augmented reality would be the third, and EMG-type neural interfaces the fourth pillar on which the metaverse would be based, according to Mark Zuckerberg.