The unaudited financial accounts for the first quarter of fiscal year 2023 through March 31 were today made public by Facebook’s parent business.
According to the study, Meta‘s overall sales for the first quarter increased by 3% to $28.645 billion from $27.908 billion in the corresponding period last year, but its net profit fell by 24% to $5.709 billion from $7.465 billion.
Metaverse Declines
Ad revenue for the computer giant has increased from a year ago, but its metaverse segment is still losing money.
Compared to $695 million during the same period last year, Reality Labs’ revenue for the quarter was $339 million. Compared to a loss of $2.9 billion a year earlier, labs lost $3.9 billion in the quarter.
- Meta’s overall sales for the first quarter increased by 3% in the corresponding period last year.
- Compared to a loss of $2.9 billion a year earlier, labs lost $3.9 billion in the quarter.
- The corporation let off 11,000 staff in November of last year
The company’s “productive year” is 2023, according to Zuckerberg, who has also implemented significant cost-cutting measures such as planned 21,000 layoffs.
After changing its name from Facebook in late 2021, the firm still invests billions of dollars in the Metaverse as it declines.
To reorganize its structure and eliminate other low-priority initiatives, the corporation let off 11,000 staff in November of last year, stated it would lay off an additional 10,000 people last month, and closed 5,000 job openings.
Metaverse is still “at the heart of defining the future of social connectivity,” according to Zuckerberg’s announcement. Despite this, it will also rely significantly on AI as the “biggest single investment” following the success of OpenAI’s ChatGPT.
According to Zuckerberg, the corporation is not downplaying its vision for the metaverse even if it is publicizing its plans to use artificial intelligence.
