Fun

Meta burns another $4.5B on metaverse in Q2, preps for AI growth

News Feed - 2024-08-01 01:08:19

Tom Mitchelhill4 hours agoMeta burns another $4.5B on metaverse in Q2, preps for AI growthMeta’s share price popped 7% in after-hours trading following a better-than-expected Q2 earnings call.1098 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksMark Zuckerberg’s Meta Platforms lost a further $4.5 billion on its metaverse business Reality Labs in the second quarter of this year, deepening its metaverse money pit to almost $60 billion since 2019. 


In a July 31 earnings call for Q2, Meta reported a higher-than-expected $49 billion in revenue, up 22% from last year and its second-largest quarter on record.


Additionally, the California-based tech giant posted $13.5 billion in profit, much of which Zuckerberg said stemmed from its advancements in AI and the growth of its apps, including Threads and WhatsApp.Meta posted $39 billion in revenue for Q2. Source: Meta


Meta’s share price jumped 7.1% in after-hours trading following the earnings call, and the firm’s Q2 results beat most analyst expectations.


Zuckerberg said the firm’s AI assistant Meta AI is currently on track to be the most used AI assistant in the world by the end of 2024 and noted “good traction” in the number of sales of AI-infused Ray-Ban Meta smart glasses, launched in September last year, adding“We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps."


Meta said it plans to significantly increase its capital expenditure in 2025, as it narrows its sights on the research and development of AI.


Related:Mark Zuckerberg calls for open-source AI as Meta releases Llama 3.1


Additionally, Zuckerberg noted that despite “public perception” of Facebook being primarily reserved for older users, Meta’s chief financial officer Susan Li claimed “younger users” were flocking to Facebook Marketplace.


The firm made brief mention of its metaverse research division Reality Labs — which is responsible for developing VR headsets such as the Meta Quest 3.


Reality Labs posted $353 million in Q2 sales but still reported a staggering $4.5 billion loss. In aggregate, Reality Labs has now burned $59.9 billion since its inception in 2019.


Despite the continued losses for the metaverse side of the company, Li said she expects Reality Labs operating losses to “increase meaningfully” year-over-year due to “ongoing product development efforts in augmented reality/virtual reality” and noted further investments in developing the metaverse ecosystem.


Web3 Gamer:When Musk Empire listing? Find love in The Sandbox and more# Facebook# Business# Mark Zuckerberg# Metaverse# MetaAdd reaction

News Feed

Marvel to Launch Spider-Man NFTs This Week — NFT Comic, ‘Super-D Figures’ to Follow
Marvel to Launch Spider-Man NFTs This Week — NFT Comic, "Super-D Figures" to Follow On August 5, Orbis Blockchain Technologies Limited and Marvel Entertainment
FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight
FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight According to court documents in the FTX bankruptcy case, the company’s attorne
Terra founder Do Kwon released in Montenegro
Amaka Nwaokocha9 hours agoTerra founder Do Kwon released in MontenegroThe decision to release Kwon reportedly came from the Council of the Supreme Court, which is set to review a decision that could grant or deny extradi
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function press release PRESS RELEASE. On 21st February, BitFuFu will announce the launch of the
Zhiyuan Sun6 hours agoInflection AI raises $1.3B in funding led by Microsoft and NvidiaThe company has raised $1.525 billion in funding since its inception last year.1181 Total viewsListen to article 0:00NewsJoin us on s
Analyst Says SUI Price Could Fall To $1.6 — Here’s Why
Este artículo también está disponible en español. The SUI price registered its best seven-day performance yet — in 2025 — over the past week. However, the altcoin has
Bitcoin, Ethereum Technical Analysis: BTC Hits Fresh 3-Week High, Ahead of Thursday’s US Inflation Report
Bitcoin, Ethereum Technical Analysis: BTC Hits Fresh 3-Week High, Ahead of Thursday’s US Inflation Report Bitcoin raced to a fresh multi-week high on Wednesday, as markets turned
“Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why
Este artículo también está disponible en español. An analyst has explained why it could be the time to get ready for a new Bitcoin bull run, based on the pattern developi
Gareth Jenkinson11 hours agoBlockchain game Illuvium goes mainstream with looming Epic Games Store listingBlockchain games have historically battled to gain mainstream attention, but Illuvium’s listing on the Epic Game
Tom Mitchelhill3 hours agoWorldcoin to cease paying Orb operators in USDC as early as NovemberAside from ditching USDC for its native token, Worldcoin announced some changes to the terms of its WLD loans to market makers
Bitcoin Mining Power Sees Short-Term Drop as Rainy Season Ends in China
After sustained growth over the past three months, computing power on the bitcoin network has seen a fallback as the summer rainy season trails off in China. According to data from
Bitwala Launches Bitcoin Interest Account With up to 4.3% Annual Rate
Bitwala Launches Bitcoin Interest Account With up to 4.3% Annual RateNeobanking service provider Bitwala on Thursday introduced a new account that offers its 80,000 European custome