2024

Strong

Meta

<ul>
 <li>Revenue for Meta’s second-largest quarter ever came in at $49 billion.</li>
 <li>Over the course of its 2019 launch, Reality Labs has squandered $59.9 billion.</li>
</ul>
In Q2 of this year, <a href="https://thenewscrypto.com/metaverse-news-meta-ceo-mark-zuckerberg-reiterates-commitment-to-metaverse/" target="_blank" rel="noopener noreferrer nofollow">Mark Zuckerberg’s</a> Meta Platforms suffered an additional $4.5 billion loss on its metaverse division, Reality Labs. Revenue for Meta’s second-largest quarter ever came in at $49 billion, up 22% year over year, according to an earnings call held on July 31.
Moreover, Zuckerberg pointed out that Meta’s CFO <a href="https://about.meta.com/media-gallery/executives/susan-li/" target="_blank" rel="noopener noreferrer nofollow">Susan Li</a> said that “younger users” were swarming to Facebook Marketplace. Contradicting the “public perception” that Facebook was mostly used by older people.
<h3 class="wp-block-heading" id="h-banking-on-ai">Banking on AI</h3>
Furthermore, the tech giant located in California reported a profit of $13.5 billion. A large portion of this profit, according to Zuckerberg, was driven by the company’s progress in artificial intelligence. And the expansion of its applications, such as WhatsApp and Threads.
Following the earnings call, <a href="https://thenewscrypto.com/mark-zuckerberg-led-meta-facebook-lays-off-11000-employees/" target="_blank" rel="noopener noreferrer nofollow">Meta’s</a> stock price increased 7.1% in after-hours trading. The company’s Q2 results were better than expected by most analysts. According to Zuckerberg, the company’s AI assistant Meta AI is expected to surpass all others by 2024 in terms of use. He also said that the AI-infused Ray-Ban Meta smart spectacles, which were introduced in September of last year, had shown “good traction” in terms of sales.
In 2025, Meta intends to devote a lot more money to investing in AI research and development, since it wants to sharply raise its capital expenditure.
Briefly mentioned was the company’s <a href="https://thenewscrypto.com/disney-officially-enters-metaverse-market-through-carrieverse/" target="_blank" rel="noopener noreferrer nofollow">metaverse</a> research section, Reality Labs, which created virtual reality headsets like the Meta Quest 3. Despite a whopping $4.5 billion loss, Reality Labs recorded $353 million in revenue for the second quarter. Over the course of its 2019 launch, Reality Labs has squandered $59.9 billion.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/can-a-fed-rate-cut-in-september-drive-a-bullish-crypto-move/" target="_blank" rel="noopener noreferrer nofollow">Can a Fed Rate Cut in September Drive a Bullish Crypto Move?</a>

Meta Reports $4.5B Loss in Metaverse Division Amid Strong Q2 Growth

Table of Contents

TheNewsCrypto

Other articles published on Aug 1, 2024

Massive Token Unlocks Coming in August: Will Prices Crash?

Senator Lummis Pushes for Strategic Bitcoin Reserve to Tackle National Debt

Crypto Community Engages in Nigeria’s Governance Protests

Bitcoin and Ethereum ETFs Show Divergence

Fwog Price Prediction: FWOG Soars 98% As This P2E Doge Derivative Presale Rockets Towards $6 Million

Vice President Kamala Harris' Chances Up To 43%: Is Her Crypto Pivot Driving The Surge?

Join our free newsletter for daily crypto updates!