Alibaba reportedly cuts dozens from metaverse unit
The Chinese e-commerce giant has become the latest to slash resources for metaverse development as the focus shifts to AI. Go to Source
Reality Labs
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Former BAYC creative director Jeff Nicholas joins Meta’s Reality Labs
Nicholas joins Meta as an executive mixed reality producer for entertainment experiences. Go to Source
Meta burns another $4.5B on metaverse in Q2, preps for AI growth
Meta’s share price popped 7% in after-hours trading following a better-than-expected Q2 earnings call. Go to Source
Meta drops 15% on weak outlook and high AI and metaverse spending
Meta shares dipped after a disappointing Q2 revenue outlook and plans to spend nearly $100 billion this year as it aims to “invest aggressively” in its AI products. Go to Source
Meta Q2 earnings: Reality Labs losses top $7.7B year to date
Meanwhile, Meta’s metaverse-building business has racked up around $21 billion in losses since the start of 2022. Go to Source Powered by WPeMatico
Metaverse division’s $4B loss drags on positive first quarter for Meta
Zuckerberg expects Reality Labs operating losses to increase year-over-year in 2023. Go to Source Powered by WPeMatico
Meta Calls 2023 a ‘Year of Efficiency;’ Anticipates More Losses in Its Metaverse Division
Meta, the company that owns Facebook, Instagram, and Whatsapp, has shared its fourth quarter results, reporting better numbers than expected. While the company beat revenue estimates, CEO Mark Zuckerberg declared 2023 a “Year of Efficiency,” hinting at a further restructuration of the company to focus on its AI (artificial intelligence) and metaverse projects in the … Read more
Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback
During a Q4 earnings call on Feb. 1, Mark Zuckerberg said he saw no reason to deviate from their long-term Metaverse strategy. Go to Source Powered by WPeMatico
Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality Labs
Meta will continue to invest in VR (virtual reality) tech in 2023, according to statements made by Andrew Bosworth, head of Reality Labs, the metaverse division of the company. While Meta has made some changes and adapted to the current shaky economic atmosphere, Bosworth states that the company is still committed to its metaverse pivot. … Read more
Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg
Billions of dollars have been poured into Meta’s virtual world with little return on investment, but CEO Mark Zuckerberg says he is holding fast. Go to Source Powered by WPeMatico
