“Meta’s Q1 Financials Show Revenue Growth, but Metaverse Projects Still Cause Concerns”

Last week, a number of big tech giants shared their financial results for the first quarter of this year, which were generally good. It seems that “Meta” is also finally starting to “get out of hand”. The company’s Q1 2023 financials were better than expected, recording revenue growth for the first time in three quarters. Meanwhile, Meta Reality Labs’ VR and AR divisions continue to suffer losses. Nevertheless, the company is determined to continue to develop its vision for the metaverse.

Meta’s Q1 financial numbers look better than usual. This time, it is not really the merit of the company’s products, but the result of massive layoffs. As part of the restructuring, “Meta” eliminated more than 10,000 jobs, which made it possible to significantly reduce costs and improve the financial outlook in general.

At the same time, “Meta” is still throwing itself into its metaverse projects with full power and means. Investors have already expressed concern that these large investments in Reality Labs’ metaverse projects will never pay off. It should be noted here that “Reality Labs”, “Meta VR” and the AR division worked with 4 billion dollars in big losses in the previous quarter. For the full year 2022, these divisions operated at a loss of $13.7 billion.

Meanwhile, Meta CEO Mark Zuckerberg has said he doesn’t expect the loss-making Reality Labs division to turn a profit any time soon. He emphasizes that the creation of the metaverse is a long-term project, on which “Meta” will continue to work.