More

    Mark Zuckerberg’s metaverse department of Meta has lost $21.3 billion since January 2022

    Published on:

    Ultimately, it looks like Reality Labs isn’t quite as successful as the Facebook CEO hoped.

    according to the meta Reality Labs, the business and research arm that makes virtual reality software, has lost about $21.3 billion since January 2022, according to its second-quarter results.

    The division had sales of $276 million in the second quarter of 2023, down significantly from $339 million earlier this year.

    Credit: Justin Sullivan/Getty Images

    And experts say the worst is yet to come.

    CFO Susan Lee said in the report, “For Reality Labs, our continued product development efforts in augmented reality/virtual reality and investments to further expand our ecosystem resulted in a significant year-over-year operating loss. We expect it to increase,” he said.

    She added that the division posted another $3.1 billion loss in the quarter.

    Last year, Reality Labs lost $13.7 billion, but made $2.16 billion, mostly from sales of Meta’s VR headsets. zuckerberg It has been called “the first mainstream headset with high-definition color mixed reality.”

    Lee expects the company’s revenue to reach year-over-year levels in the third quarter, but added that Meta will likely exceed budget.

    Credit: Kevin Dietsch/Getty Images
    Credit: Kevin Dietsch/Getty Images

    “For the full year 2023, we expect total expenses to be in the range of $88 billion to $91 billion, compared to $86 billion to $90 billion due to legal-related charges recorded in the second quarter of 2023. It increased from the range,” he added.

    But Meta’s financial troubles don’t end there.

    Comedian Sarah Silverman filed a lawsuit against the company earlier this month for copyright infringement and unauthorized use of her work.

    Along with Christopher Golden and Richard Cudley, Silverman is also suing ChatGPT developer OpenAI for training artificial intelligence bots while using their copyrighted material without permission.

    according to Guardian, the lawsuit outlines that the authors “did not agree to use the copyrighted books as training materials for ChatGPT.” Nonetheless, their copyrighted material was captured and used to train ChatGPT.

    of litigation on meta These authors’ books are said to be in the dataset Zuckerberg used to train LLaMA, a group of meta-owned AI bots.

    Related

    Leave a Reply

    Please enter your comment!
    Please enter your name here