The CEO of Meta (formerly Facebook), Mark Zuckerberg, has released revenue information for the company’s most recent quarter. Between September and December, Meta recorded revenue of $40.1 billion, or approximately Rs. 3,34,416 crore. Overall, the Web3 and social media behemoth brought in $134.9 billion (about Rs. 11,25,119 crore) in 2023. Meta’s revenue has increased by sixteen percent annually. The fact that Meta’s Reality Labs division has only seen losses since 2021 is intriguing, though.
In a March 4th earnings release, Zuckerberg stated that revenue during the period had been good. The tech tycoon praised the developments this project has brought about, even if his Reality Labs division has seen losses.
“We had a good quarter as our community and business continue to grow.” The 39-year-old multibillionaire stated in his statement, “We’ve made a lot of progress on our vision for improving AI and the metaverse.”
When Zuckerberg changed the name of Facebook to Meta in 2021, he furthered his pledge to investigate the metaverse. At the time, the business established a brand-new division known as Reality Labs. This particular body was entrusted with investigating and developing the metaverse and its applications.
To encourage the use of these technologies, Reality Labs has been releasing hardware devices for the metaverse and augmented reality (AR) for the past three years, such as the Quest VR headset family. Meta is said to have sold 20 million Quest headsets as of March 2023.
However, despite its continuous efforts, Meta’s Reality Labs division only saw revenue losses. According to reports from February, Meta disclosed that Reality Labs lost $46.5 billion in the fourth quarter of 2023 while making around $11 billion (about Rs. 91,744 crore) in revenue.
In spite of these financial ramifications, Zuckerberg has maintained his optimistic assessment of the impending metaverse boom. According to a research that Meta commissioned in May 2023, the metaverse might boost the US gross domestic product (GDP) by much to $760 billion, or nearly Rs. 62,36,088 crore, by 2035.
