Catch up on stories from the past week (and beyond) at the Slashdot story archive

 


Forgot your password?
Close
typodupeerror
Facebook

Facebook's Meta Will Devote 20% of Costs To Metaverse Next Year (bloomberg.com) 71

Posted by msmash from the up-next dept.
Facebook parent company Meta Platforms will continue to devote about 20% of its overall costs and expenses to Reality Labs in 2023, despite questions about the business division focused on augmented and virtual reality and the so-called metaverse. From a report: The projection, given by CTO Andrew Bosworth in a blog post Monday, is little changed from the 18% of spending Meta devoted to Reality Labs in the third quarter. Meta stock is down nearly 65% this year, and some have questioned Meta CEO Mark Zuckerberg's expensive bet on the metaverse which comes as the company has cut other costs, including widespread layoffs. Reality Labs reported a loss from operations of $9.4 billion through the first nine months of the year; Meta's family of apps, by comparison, brought in roughly $32 billion in profit during that same period. A 20% investment in futuristic technologies is a "level of investment we believe makes sense for a company committed to staying at the leading edge of one of the most competitive and innovative industries on earth," Bosworth said. Alternative, non-paywalled source: Axios.

Slashdot Top Deals

Doubt isn't the opposite of faith; it is an element of faith. - Paul Tillich, German theologian and historian

Close