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Meta Faces Tough Market Response as AI Investments Surge and Metaverse Losses Continue
25.4.2024
Meta’s shares dropped 15% in after-hours trading following announcements in April of plans for significant investment in AI, alongside a weaker revenue outlook and continued losses in its metaverse division, Reality Labs. The company anticipates its expenses will soar to between $96 billion...
Meta’s Reality Labs Reports $4.65 Billion Operating Loss in Q4 2023 as Metaverse Efforts Continue
2.2.2024
Meta subsidiary Reality Labs, which focuses on the development of the metaverse, recorded a significant operating loss of over $4.6 billion in the fourth quarter of 2023. In its fourth-quarter report, released on February 1, Meta revealed that Reality Labs reported a loss of $4.65 billion during...
Meta Q2 earnings: Reality Labs losses top $7.7B year to date
27.7.2023
Meanwhile, Meta's metaverse-building business has racked up around $21 billion in losses since the start of 2022
The Potential of NFTs and the Metaverse ‘Remain Vast and Largely Untapped’ Says Peer Inc CEO
12.6.2023
According to Tony Tran, the chairman and CEO of Peer Inc, the cooling interest in non-fungible tokens (NFTs) and the metaverse particularly by corporations and tech giants like Meta does not signal their end but instead “it reflects the natural cycle of innovation.” In written answers...
Metaverse for youth: Meta urged to ban minors from virtual world
14.4.2023
Now only allowing users from 18, Meta also wants to open up its metaverse app Horizon Worlds to users aged 13 and 17
Meta coughing up big money to developers building their metaverse
7.4.2023
Despite turbulent times for Meta in terms of metaverse development, sources close to the company say its metaverse programmers are paid up to $1 million for their work
Meta Announces 10,000 Layoffs in ‘Year of Efficiency’ Move; Singles Out AI Over Metaverse as ‘Largest Investment’
16.3.2023
Meta, the social media company, will continue to shed part of its workforce, recently announcing 10,000 new layoffs to be executed during 2023 as part of its new efficiency policy. Mark Zuckerberg, CEO of the company, stated that artificial intelligence (AI) was currently the company’s most...
US lawmaker behind crypto mining legislation urges Zuck not to offer metaverse to teenagers
2.3.2023
A letter from two U.S. senators cited reports of Instagram being behind many teenagers experiencing suicidal thoughts, and Meta's failure to stop harmful ads aimed at young adults
Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback
2.2.2023
During a Q4 earnings call on Feb. 1, Mark Zuckerberg said he saw no reason to deviate from their long-term Metaverse strategy
Facebook's VR Division Lost $13.72 Billion In 2022
2.2.2023
Facebook’s parent company, Meta, is having a decent day today after beating revenue and user activity forecasts for its final fiscal quarter of 2022. But its VR division isn’t helping the company make money. In fact, it’s costing the company billions in losses.Read more
Meta gets court win in metaverse acquisition plans: Report
1.2.2023
Should the Federal Trade Commission not appeal the ruling, Meta would likely be able to acquire additional companies offering metaverse-related products or services
Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg
1.12.2022
Billions of dollars have been poured into Meta’s virtual world with little return on investment, but CEO Mark Zuckerberg says he is holding fast
The metaverse is happening without Meta's permission
1.12.2022
Despite Facebook’s new name, focus and billions in investment, the metaverse will emerge drastically different from its vision
Apple’s Job Listings Suggest Metaverse Product is Coming – Crypto Integration Coming Soon?
18.11.2022
Recent job postings by Apple suggest that the tech giant aims to build a 3D world for its yet-to-be-announced mixed-reality headset.
Apple’s VR and mixed reality headset is no longer a secret, but new job listings reveal the company is ramping up its work to bolster the device with...
Meta Announces Layoffs Affecting 13% of Workforce; More Than 11,000 Employees to Be Fired Amidst ‘Cultural Shift’
9.11.2022
Meta, the social network company, has announced that it will cut 11,000 jobs, letting go of 13% of the employees in its workforce amidst a “cultural shift” in the company. Mark Zuckerberg, CEO of the company, explained this decision was made due to a need to become more “capital...
Crypto Biz: Is Zuckerberg’s $100B metaverse experiment doomed to fail?
28.10.2022
Meta's Reality Labs division lost $3.672 billion in the third quarter. Some shareholders aren't happy with the company's oversized investment in metaverse technology
Mad Money’s Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges
28.10.2022
The host of Mad Money, Jim Cramer, has apologized to investors for being wrong about Facebook parent Meta Platforms after its stock plunged to a record low. “I made a mistake here. I was wrong,” he said emotionally after stating previously that Meta was a good investment. “I...
Metaverse losses top $3.6B for Meta with spending set to increase
27.10.2022
The tech giant is just over $500 million away from topping its more than $10 billion Metaverse department losses in 2021, but it said its spending will only grow next year
Nokia Believes the Metaverse Will Replace Smartphones in the Future
25.10.2022
Nokia, one of the first companies to manufacture a consumer-grade mobile phone system, now believes the metaverse will cause phones to become deprecated. These metaverse experiences will be powered by the use of virtual reality (VR) headsets and augmented reality glasses, and will allow users...
Facebook is on a quest to destroy Web3
18.10.2022
Mark Zuckerberg's tech empire has a long history of using centralized systems to hurt users. Now it's trying to join Web3