Meta keeps losing billions with Metaverse, relies on AI

Meta-Founder and boss Mark Zuckerberg sunk with his vision of Metaverse more billions. In the group’s quarterly figures published on Wednesday, the Reality Labs division responsible for the Metaverse showed a minus of for the months of January to March $3.99 billion on. The department in which VR glasses and the VR software Horizon Worlds are developed only took in 339 million Dollar. According to the group, increasing losses are expected for the current year.

Meta is doing better in other areas of its business, but it’s grappling with a decline in earnings. Quarterly profit fell 24 percent $5.7 billion. Sales improved by 3 percent $28.65 billion.

Artificial intelligence for Facebook and Instagram

Meta founder and boss Mark Zuckerberg sees software as a growth driver artificial intelligence. Zuckerberg exposed conversations with software on Meta’s chat services WhatsApp and Messenger on Wednesday, as well AI tools to generate images Facebook and Instagram in prospect.

Artificial intelligence will affect all of the group’s apps and services. At the same time, Zuckerberg emphasized that this does not mean a departure from his vision for the so-called Metaverse, a digital world as a future online platform. There, too, avatars and other virtual objects should soon be able to be created with AI tools. Zuckerberg had the company 2021 aligned with this – and also had the company name changed from Facebook to Meta to underline the new focus.

Jobabbau

The group recently initiated the second round of layoffs after a significant increase in jobs during the pandemic. In May, the deletions of a total of more than 20.000 Jobs be completed.

The group is concerned about the uncertainty surrounding data transmission from the European Union to the USA. The process for a new legal framework for this is currently underway, after the previous model „Privacy Shield“ was overturned by the European Court of Justice. Facebook generates around ten percent of its advertising revenue with ads in EU countries.

Increases in range

Meta has a massive reach among online platforms and is still growing. The number of daily active Facebook users reached 2.04 billion after 2 billion three months earlier. At least one of the group’s apps is accessed every day 3.02 billion users to. At the end of 2022 it was still 2.96 billion. Meta also includes Instagram and the chat services WhatsApp and Messenger. Were on a monthly basis 3.81 billion users active in at least one meta app.