Meta’s Metaverse section (Facebook) continues to endure hefty losses in the third quarter of 2022

Over the previous 12 months, Meta (Facebook) reported a $ 9.four billion reduction on metaverse growth.

According to the economic report for the third quarter of 2022, Meta (Facebook) announced that its metaverse growth section, Reality Labs, continued to submit a reduction of $ three.seven billion.

Thus, given that the announcement of the title modify to Meta to reflect the growth tactic of the virtual universe of the metaverse, the technological innovation group of the billionaire Mark Zuckerberg has reported a reduction of 9.four billion bucks for Reality Labs alone.

In the final quarter, Meta stated Reality Labs only had $ 285 million in income, down from $ 558 million in the identical time period final 12 months. Even so, the group’s income, which incorporates Facebook, Instagram, Snapchat and other folks, has manufactured up $ 27.four billion in the previous 3 months.

However, traders are not pretty optimistic about Facebook’s metaverse tactic, as the group’s capitalization has dropped from a peak of $ one trillion late final 12 months to significantly less than $ 350 billion right now. CEO Mark Zuckerberg’s fortune also dropped from more than $ 120 billion to significantly less than $ 50 billion. Many folks consider that Zuckerberg is also far from actuality when he burns heavily for the metaverse, although the resulting item is really sketchy and unconvincing.

Despite starting up the day with an outstanding eight% rise, the Meta share value closed the session on October 26 (US time) with a red candle, with a selection of up to twenty%.

In addition to the metaverse, Meta has also just lately actively accepted cryptocurrencies by making it possible for customers to set NFT as their avatar on Facebook and Instagram.

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