Meta Sheds $2.8 Billion In Virtual Reality Division This Q2

The results of Meta Platforms during the second quarter of this year were disappointing for Facebook. It is the first time the social media giant has experienced a massive drop in annual income.

Meta segment, called Reality Labs, which focuses on the metaverse had quarterly losses of $2.81 billion. The division’s year-to-date losses are $5.78 billion.

Meta CEO Mark Zuckerberg characterized the metaverse as a “huge opportunity” for a variety of reasons. Creation of platforms in the digital world will “unlock hundreds of billions, if not trillions of dollars over time.”

Crystal Panther
I still believe that if your aim is to change the world, journalism is a more immediate short-term weapon.