For Meta, things are getting better. The business exceeded revenue forecasts, generating year-over-year revenue growth for the first time in three quarters. The corporation formerly known as Facebook, however, is going through a difficult restructuring right now that will result in the loss of more than 10,000 jobs this year.
Buzzwords in technology come and go like clockwork. Though when Meta changed its name, the metaverse was all the rage—a type of recursive and self-referential production of hype—nowadays, it’s all about AI. CEO Mark Zuckerberg made a point of assuring investors that he is not doing a U-turn into the AI lane despite significant losses in its metaverse investments. Instead, he views AI as a tool that the metaverse uses in conjunction with.
Although Meta does not yet anticipate Reality Labs to be profitable. Investors have expressed worries that this huge investment would not be successful. Although the stock price of Meta has increased. And Zuckerberg’s involvement in continuous AI development may allay some of those concerns. The metaverse is still losing money.
This quarter, Reality Labs, Meta’s VR and AR division, lost close to $4 billion. It lost $13.7 billion in total of last year. However, Zuckerberg emphasised that AI is actually a component of VR and AR technology.
On the call, Zuckerberg stated, “Our vision for AR glasses involves an AI-centric operating system that we think will be the foundation for the next generation of computing.”
According to Zuckerberg’s metaverse vision, half of daily active Quest headset users spend more than an hour using their gadget each day. How many people actually use Quest headsets on a daily basis is not disclosed by Meta.
According to Zuckerberg, “creating the metaverse is a long-term project, but the justification for it is still the same, and we remain committed to it.”
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