Meta Reports Losses, Says It's Doing Good
Meta is feeling bullish even though the numbers are telling a different story.
Meta has released a new financial report for the past quarter – and the numbers aren’t impressive.
According to the data, Reality Labs' metaverse unit lost nearly $4 billion. This follows a $14 billion loss in 2022, with Zuckerberg expecting additional financial problems in 2023.
Despite these indicators, the company seems content with the results.
“We had a good quarter and our community continues to grow,” said Mark Zuckerberg, Meta founder and CEO. “Our AI work is driving good results across our apps and business. We're also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver a long-term vision.”
The report also highlights some operational and financial data that bode well for the company. For example, in March 2023, family daily active people were 3.02 billion, up 5% year-over-year.
In March 2023, the company conducted three rounds of planned layoffs aimed at reducing its workforce by approximately 10,000 employees across the family of apps and reality labs segments. As a result, the company expects to incur total pretax severance and related personnel costs of approximately $1 billion.
Previously, GNCrypto published an opinion piece dubbed “Meta Gives Up on Its Crypto Ambitions.”
