https://www.techspot.com/news/98475-meta-metaverse-focused-reality-labs-lost-399-billion.html * User iconLogin * [ ] * A search icon The word TechSpot * Trending + Ryzen 7600 vs Ryzen 5600 + Nvidia RTX 4070 Ti + Stable Diffusion How-To + Radeon 7900 XT vs RTX 4070 Ti + Steam Deck Gaming * Features + Tech Culture + Must Reads + Hardware + Software + Gaming + Explainers + Tips & Tricks * Reviews + CPU + Graphics Cards + Laptops + Storage + Monitors + More Reviews * The Best + Best CPUs + Best Graphics Cards + Best Monitors + Best Software + Best SSD + Best PC Speakers * Downloads + Latest Updates + Popular Apps + Software We Recommend + Drivers * Product Finder Search [ ] * Forums + Join TechSpot Elite + New Posts + Latest Comments * Jobs * Industry * The Web * meta * metaverse Meta's Reality Labs lost $3.99 billion last year, bringing its total losses since 2020 to $30 billion Do people even care about the metaverse anymore (or to begin with)? By Rob Thubron April 27, 2023, 8:02 12 comments Meta's Reality Labs lost $3.99 billion last year, bringing its total losses since 2020 to $30 billion TechSpot is about to celebrate its 25th anniversary. TechSpot means tech analysis and advice you can trust. In brief: It seems that no matter how much money Meta's Reality Labs unit loses, Mark Zuckerberg refuses to give up on the company's metaverse ambitions. In its first-quarter earnings report, Meta said Reality Labs, responsible for its metaverse-related tech, recorded a $3.99 billion operating loss. The latest figure means that since 2020, the division has lost a massive $30 billion. Meta's first quarter was better than expected overall. Sales were up 3% while its $28.65 billion revenue beat analysts' expectations. The company also issued upbeat guidance for the second quarter. But a less welcome part of the report related to Meta's Reality Labs division, which once against lost money: $3.99 billion during the three months. That adds to the $14 billion it lost across last year and brings the total loss since Q4 2020 to an eye-watering $30 billion. The only solace for Zuckerberg is that the most recent losses weren't as bad as the $4.3 billion it lost during the previous quarter. Zuckerberg's blind faith in the metaverse and Reality Labs' work comes as Meta cuts around 21,000 jobs in its so-called "year of efficiency." There was a time when businesses fell over themselves to invest in the metaverse, but analysts believe most of these projects will close by 2025. [svg] "Believe me when I say $30 billion of investment will eventually be worth it. Just look at these graphics!" The slumping economy has also played a part in the declining metaverse interest, which wasn't particularly high to begin with. Global shipments of virtual reality headsets fell more than -12% year-over-year in 2022. In a time when people are wary of making expensive, unnecessary purchases, a VR headset isn't high on the list of priorities. But the biggest problem the metaverse faces is the recent rise of generative AI. Companies are rushing to implement the likes of ChatGPT into their services - even Meta is pushing into this area - putting their resources into artificial intelligence at the expense of their metaverse projects. Microsoft's round of 10,000 layoffs saw its industrial metaverse work killed off, and Disney laid off its entire metaverse team as part of cost-cutting plans. Sensing the lack of positive coverage, Meta's head of global affairs, Nick Clegg, recently held a small virtual press conference within Meta's Horizon Workrooms to remind people that the metaverse will probably be awesome one day. This came a few months after one exec said the metaverse will eventually become as important as smartphones . Zuckerberg's belief is unwavering. He famously said the metaverse could be earning billions or even trillions of dollars in ten years. If Reality Labs keep racking up losses at its current rate, Zuck's bold prediction will need to be accurate. 12 comments 15K likes and shares Share this article: Tech Jobs: Find the next step in your career Related Stories * Here's how to claim your share of Meta's $725 million privacy lawsuit settlement * Meta reminds people that the metaverse will probably be awesome, one day * Tech employees say they were being paid to do nothing all day * Epic Games explains why it still believes in the Metaverse Featured on TechSpot * Reddit lawyers tell movie studios to take a hike after they demand to identify users * Amazon sellers are now paying more than 50% commission Most Read * 28 comments Watch Starship's launch debris pummel a poor minivan * 10 comments GeForce RTX 3080 vs. Radeon RX 6800 XT: 2023 Revisit * 53 comments Can DLSS Render "Better Than Native" Graphics? * 37 comments Chromebook churn is becoming a big problem for schools, but who is to blame? Load Comments 12 ... 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