Meta CEO Confirms Commitment To Metaverse

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Meta Remains Committed to the Metaverse: Mark Zuckerberg
Meta (META) head Mark Zuckerberg on July 27, 2023, said that the company remains dedicated to the metaverse, despite its public shift towards artificial intelligence. Mark Zuckerberg reaffirmed their ongoing investments in AI and their unwavering commitment to the metaverse vision in an earnings call, Coin Desk reported.
"Our investments in AI continue. We remain fully committed to the Metaverse vision as well. We've been working on these two major priorities for many years in parallel now, and in many ways, the two areas are overlapping and complementary," the report quoted Zuckerberg as saying.
Coin Desk reported that the focus on the metaverse hasn't been profitable for the social media giant as it continues to lose billions of dollars due to the initiative. In 2022, Meta's Facebook Reality Labs (FRL) division, responsible for the metaverse, lost $13.7 billion on revenue of $2.2 billion, up from a loss of $10.2 billion on revenue of $2.3 billion in 2021.
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