Mark Zuckerberg continues to invest in the Metaverse: expect losses in the project to continue – and increase.
This shows the meta numbers from the third quarter:
- rotation By 23% compared to the third quarter of last year. Meta sales volume reached $34.15 billion.
- Costs It decreased by more than $1.6 billion compared to the same period last year, a decrease of 7.5 percent.
- Profits It has doubled since last year, rising to $11.5 billion.
- Reality LabsMeta investment in MetaverseMetaverseA virtual platform, which in many cases requires viewing virtual reality glasses., continues to lose money at the same pace as before. In the third quarter, the project lost $3.7 billion. Meanwhile, the division’s turnover reached only $210 million.
The stock rose more than 4 percent in after-market trading shortly after the results were announced.
Mark Zuckerberg, CEO and largest owner of Meta, said in a statement that he was “proud” of the work they did in the third quarter.
Meta gets most of its revenue from Facebook, Instagram, Messenger, and WhatsApp. They have over 2 billion daily active users and are one of the largest technology companies in the world.
Displays expected cost increases
The company also shares three expected cost increases in 2024:
- They believe that infrastructure costs will increase next year.
- They believe costs related to employee salaries will increase, as they hire people in “priority areas.” These are positions of high technical competence and high wages.
- They expect Reality Labs, their turnaround venture, to increase losses “significantly” as they seek to develop the product and invest more.
Meta has been exceptionally unstable on exchanges in the past couple of years. Over the course of 2021 and 2022, the Meta index fell more than 70% from its peak, reaching its lowest level last November. Since then, prices have been steadily rising, and the company is up more than 100 percent so far this year.
During the trading day on Wednesday, Meta fell more than 4 percent.
Tech giant Alphabet delivered disappointing results on Tuesday, sending the stock down more than 9 percent.
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