Meta lost $13.7 billion on Reality Labs in 2022 as Zuckerberg's metaverse bet gets pricier
Publishing timestamp: 2023-02-01 16:47:24
Summary
Meta's Reality Labs division recorded a $4.28 billion operating loss in the fourth quarter, bringing its total for 2022 to $13.72 billion. CEO Mark Zuckerberg has said that the company's future lies in the metaverse, but for now, it is still an online ad company. Sales of VR headsets in the US declined 2% in 2022, and Meta raised the price of its Quest 2 VR headset by $100. Meta is running a sale on its high-end VR headset, shaving off $400 for a limited time. Shareholders have been less than thrilled with the results so far, but Meta reported fourth-quarter results that beat analysts' revenue estimates and announced a $40 billion buyback, sending the stock up more than 17% in extended trading.
Sentiment: MIXED
Keywords: meta platforms inc, mark zuckerberg, mobile, internet, social media, business news, technology, apple inc,