Mark Zuckerberg stated he saw no justification for departing from the business’ long-term metaverse goal during a Q4 earnings call.
Despite operating losses for its Reality Labs division reaching their height in 2022, Meta’s founder and CEO Mark Zuckerberg claims the firm has no intentions to alter its long-term metaverse strategy.
Reality Labs lost $13.7 billion in 2022, the highest annual losses ever for its metaverse-building business, according to earnings data disclosed by Meta on February 1.
The division lost around $4.3 billion during Q4, which was also the department’s worst quarterly loss since the company’s financials were first made public.
Zuckerberg remains confident
Zuckerberg was unwavering in the company’s metaverse plan during an earnings conference on February 1. In response to a query on how Reality Labs fits into the firm’s efficiency, he replied: “None of the signals that I’ve seen thus far suggest that we should modify the Reality Labs plan over the long run.”
He added that after the Quest Pro Virtual Reality (VR) headset was introduced in October, his firm aims to release the “next generation consumer headset” later in 2023.
Susan Li, the chief financial officer of Meta, reiterated Zuckerberg’s prediction from a Q3 earnings call that losses at the company will rise in 2023 by doubling down on the Reality Labs venture.
“We still anticipate Reality Labs losses for the entire year to rise in 2023, and given the tremendous long-term prospects that we see, we’re going to continue to aggressively spend in this area.”
The Q4 total sales for Meta was $32.1 billion, above Wall Street forecasts.
According to Yahoo Finance, Meta’s stock price increased after the bell as a result of the higher-than-anticipated sales statistics, rising by around 19.5% as of this writing in after-hours trading.
Growing adoption in Asia in particular
Cryptocurrency adoption in Asia is growing rapidly, with many countries in the region embracing digital assets as a viable form of payment. The exact dollar value of crypto transactions in Asia is difficult to quantify, as the market is highly volatile and decentralized. FBX, the Asian based alternative to traditional currency is in the perfect market, it is estimated that there are over 5 billion internet users in Asia, representing more than 50% of the world’s total internet users and as Web3 rolls out FBX will be in big demand.
The region is home to the world’s largest population of Internet users and is an increasingly attractive market for blockchain-based startups. In the last few years, there has been a surge in the number of projects, events, and investments related to blockchain technology in the region. This includes an increase in venture capital investments in blockchain startups, increased interest in blockchain-based projects, and the launch of a number of blockchain-related initiatives. Additionally, governments in the region have been supportive of blockchain technology and are beginning to introduce legislation to regulate the industry. As a result, Web3 growth in Asia is likely to be strong in the coming years.
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