Meta CEO is Not Intended to Change Metaverse Strategy

• Meta will be moving forward to focus on efficiency.
• Facebook has 2.96 billion monthly active users as of September 2022.

While operating losses for Meta’s Reality Labs division reached their high in 2022, its founder and CEO, Mark Zuckerberg, claims the company has no intentions to change its long-term metaverse strategy.

Meta CEO Mark Zuckerberg has gone in a few months for promoting the metaverse as his company’s future approach is like long-term development. According to the disclosure made on Wednesday, the Reality Labs division, which is in charge of creating the metaverse, lost $13.7 billion this year. The highest annual losses ever for its metaverse-building division.

Meta’s Growth 

On February 1, during its Q4 earnings call, Meta CEO Mark Zuckerberg painted a picture of a tech giant. That is moving in the direction of leaning down and accelerating. As Zuckerberg stated that the company will be moving forward to focus on “efficiency.” 

Meta CEO Mark Zuckerberg said in a report;

The progress we’re making on our AI discovery engine and Reels are major drivers of this. Beyond this, our management theme for 2023 is the ‘Year of Efficiency’ and we’re focused on becoming a stronger and more nimble organization.

He continued by saying that he was ‘surprised’ by last year’s layoffs and the continuing restructuring because they reduced expenses and enhanced communication and the development of new items.

Meta has reduced its workforce by a significant 13%. This most recent quarter does not consider the 11,000 employees that the company slashed in November. However, Meta raised $32.2 billion in revenue in the last quarter of 2022, surpassing estimates. And as of September 2022, Facebook has 2.96 billion monthly active users and 2 billion daily active users, both slight increases from the previous quarter.

Further, following the October introduction of its Quest Pro Virtual Reality (VR) headset, he said that the company would introduce another “next generation consumer headset” later in 2023.