Apr 27, 2023
Meta Posts $5.7B Profit Despite Reality Labs Losses
Mark Zuckerberg-led social media giant Meta posted a final profit of $5.7 billion in its first quarter of 2023, despite a nearly $4 billion loss from its metaverse unit Reality Labs. The loss follows a $14 billion loss in 2022, and the firm’s chief executive predicted that losses from Reality Labs will likely increase year-over-year in 2023.
To offset the losses, Meta has been investing heavily in its artificial intelligence (AI) segment. Zuckerberg recently labeled AI as the firm’s “single largest investment,” but clarified that the firm’s metaverse ambitions remain a top priority.
“We’ve been focusing on both AI and the metaverse for years now and we will continue to focus on both,” he said.
Zuckerberg further explained that metaverse tech will help its AI visions and vice versa.
“Metaverse technology will also help deliver AI as well. For example, embodying AI agents will take advantage of the deep investment that we’ve made in Avatars over the last several years.”
In addition, the firm is building a suite of creative and expressive tools that can help “turbocharge” the efficiencies of some of its existing products.
“We’re exploring experiences with text (like chat in WhatsApp and Messenger), with images (like creative Instagram filters and ad formats), and with video and multi-modal experiences,” said Zuckerberg.
Meta’s share price bounced 11.7% after hours following the news of its better-than-expected first quarter, according to Google Finance.
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