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Metaland
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MetalandBeginner
Asked: February 21, 20222022-02-21T12:21:58+00:00 2022-02-21T12:21:58+00:00In: Crypto-Currency

Meta Share Price Plunges as Metaverse Losses Revealed

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Meta’s share price is on course for the worst day in its history after the tech giant gave a grim update on its performance in the fourth quarter of 2021 — and revealed eye-watering losses in its metaverse division.

The company, formerly known as Facebook, secured net income of $10.2 billion in the final three months of the year — down 8% compared with the same period in 2020.

But this wasn’t the main thing that is troubling investors. Financials relating to Reality Labs — the division responsible for pursuing Mark Zuckerberg’s metaverse dream — have been disclosed for the first time, and they make for very uncomfortable reading.

Throughout the whole of 2021, Reality Labs made a net loss of $10.19 billion compared with revenues of $2.27 billion. A net loss of $6.62 billion was also seen in 2020, with a $4.5 billion loss recorded in 2019.

To make matters worse, Meta’s chief financial officer David Wehner has warned that he expects operating losses will “increase meaningfully” in 2022. All of this means that there’s little sign of the company’s push into the metaverse becoming a cash cow, at least for now.

All of this comes as Meta — which owns Facebook, Instagram and WhatsApp — battles with rival social networks for eyeballs, and to engage with younger consumers who prefer using TikTok. All of this is having an impact on Meta’s advertising revenue, which represents the lion’s share of profits. Speaking to analysts on an earnings call, Zuckerberg admitted:

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