Business is booming.

What Costs Less Than the $20B Facebook’s Lost on the Metaverse

  • Meta’s losses from its Reality Labs project total nearly $20 billion since last year, with no end in sight.
  • Many investors were surprised to learn that Meta plans to spend even more on the metaverse in 2023.
  • Put into perspective, the losses have grown to more than the combined market caps of 4 major US airline companies. 

Meta’s losses from its metaverse project keep stacking up. 

The tech giant reported $10 billion in losses from the project last year and now more than $9 billion as of the third quarter of 2022. The company said it plans to ramp up spending even further next year.

Meta has said it’s spending this massive amount of money on research, development, and employee-related costs, but the precise details of where that money has gone are fuzzy.

Meta’s piling losses have come under intense scrutiny after some found CEO Mark Zuckerberg’s most recent update on the company’s progress disappointing. One analyst called the company’s push into the metaverse “desperate.”

The hefty price tag on Mark Zuckerberg’s metaverse project appears even more substantial when it’s put into perspective. 

Here are other incredible things that cost less than the amount Meta has reported as losses on its Reality Labs project since last year. 

Source link

Comments are closed, but trackbacks and pingbacks are open.