BLUFMeta boss (Facebook) Mark Zuckerberg's attempts to build a metaverse—a virtual online world—resulted in profits dropping by more than 50%.
This article by Chavi Mehta and Katie Paul, writing for Reuters, makes the following points:
- Investors rushed to dump Meta Platforms Inc's stock, pushing it down 20% and wiping $67 billion off its market value.
- The company has posted its fourth straight decline in quarterly profit.
- It also anticipates that operating losses at Reality Labs—the unit responsible for bringing the metaverse to life—will grow 'significantly' in 2023.
Recent Runway Posts related to this topic:
References from the Web:
- OCT 2022 Metaverse-obsessed Mark Zuckerberg refuses to cut costs. It’s no wonder the stock tanked—CNBC
- OCT 2022 Mark Zuckerberg refuses to give up on the metaverse—even after Meta investors have, sending the company’s shares tumbling 20%—Fortune