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Meta released its financial results for the 12 months that ended December 31 , with its VR division performing poorly across the board. Here's what you need to know:
Revenue: $116 billion (down 1% year-on-year)
Net income: $23 billion (down 41% year-on-year)
Revenue: $32 billion (down 3% year-on-year)
Net income: $4.6 billion (down 54% year-on-year)
2022 Revenue: $2.1 billion (down 5% year-on-year)
Q4 2022 revenue: $727 million (down 17% year-on-year)
Meta's AR/VR division Reality Labs posted an operating loss of almost $14 billion during the year ($13.7 billion precisely). By comparison, in 2021, the business segment saw a loss of $10.2 billion.
In October 2022, the tech firm launched its new VR headset, the Meta Quest Pro.
During the 12 months, Facebook's monthly active users grew by 2% year-on-year to three billion, whereas daily users increased by 4%.
"Our community continues to grow and I'm pleased with the strong engagement across our apps," said Meta CEO Mark Zuckerberg. "Facebook just reached the milestone of two billion daily actives.
"The progress we're making on our AI discovery engine and Reels are major drivers of this. Beyond this, our management theme for 2023 is the 'year of efficiency' and we're focused on becoming a stronger and more nimble organization."
The report forecasted that, for Q1 2023, Meta expects revenue to range between $26 billion and $29 billion.
beigetrope on February 3rd, 2023 at 13:50 UTC »
What the fuck where they even doing. Like 14b dollars. That could transform whole cities with kind of money.
ShawnyMcKnight on February 3rd, 2023 at 12:31 UTC »
I’m bummed they stopped subsidizing the quest 2 as much. It’s a strange feeling for a product to go UP in price 33 percent 2 years after the product came out.
I didn’t have a good enough video card to run it when that launched so I was just gonna hold out for the third edition.
PitoPlankton3415 on February 3rd, 2023 at 11:01 UTC »
Finally some good news!