This decline was largely due to Metas huge investment in Metaverse. reality reality Labs, Meta's virtual reality division, lost $3.672 billion in the quarter. Meta's CFO David Wehner believes the main reason for this decline is inflation.
Meta CEO Mark Zuckerberg said: I think our work here will be of historical significance, incorporating technology into life, creating a foundation for a completely new way of interacting with each other and doing business for a long time.
Mark Zuckerberg also details Meta's overall plans for Metaverse. Meta CEO said the company is currently focusing on developing the Horizon Worlds virtual reality platform.
There is still a long way to go before Horizon Worlds becomes what we want, Mark Zuckerberg emphasized.
Meta also said that the company will launch the next-generation Quest virtual reality glasses in 2023. The company has just launched its first high-end Quest Pro virtual reality glasses workshop this week.
Referring to social media, Mark Zuckerberg said that there are currently more than 140 billion users of Reels (a short video platform similar to Tiktok) on Facebook and Instagram, up 50% compared to 6 months ago, bringing annual revenue of up to 3 billion USD.
Meta also shared that the company's recruitment will slow down significantly next year. The company added 3,700 employees in the third quarter, down from 5,700 newly recruited employees in the second quarter.
We expect recruitment to slow significantly in the future and keep the number of employees almost unchanged next year from the current level, said Mr. Wehner.
