The last week of July is when companies share their Q2 financial results. One of them is “Meta”, which was able to come up with quite encouraging data this time. For the company, the 2nd quarter of 2023 has been the most successful and profitable since 2021, despite the endless investments in the metaverse, which can also be well described as “cash graves”.
“Meta” informed that in the 2nd quarter of this year its revenues reached 32 billion US dollars, which is 11% more than at the same time last year. Such a result was largely due to the company’s restructuring and focus on efficiency and artificial intelligence solutions. The impact of the Threads app on Meta’s finances will be assessed when the results for the 3rd quarter of the year are announced.
Although the 2nd quarter was very profitable for the company, the situation with the metaverse project, in which “Meta” is still investing a lot of money and suffering big losses, darkens the view. Meta’s Reality Labs division, which oversees virtual and augmented reality projects, posted a $3.7 billion loss in the second quarter of this year, earning just $276 million. “Meta” financial director Susan Li indicates that it is likely that the losses of “Reality Labs” will increase significantly this year compared to last year, when they reached 13 billion dollars. Meanwhile, total losses have already reached 40 billion dollars.
Although the metaverse project is the main thing that drags “Meta” down financially at the moment, the head of the company, Mark Zuckerberg, still believes that the company will succeed in realizing its vision for it, so it will continue to invest a lot of money there. Zuckerberg also mentioned the September release of the “Quest 3” VR glasses, which is another step towards a more complete enjoyment of the metaverse.
2023-07-28 08:30:00
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