The Meta metaverse division lost 2.8 billion in the second quarter!Still want to keep betting?Metaverse development has yet to see a way out!

Since Facebook changed its name to Meta, it has made an all-out effort towards the metaverse, but the transcript is not ideal.Up to now, the Metaverse business has lost more than 10 billion US dollars.

The second quarter financial report shows that the Meta Metaverse-specific division lost US$2.81 billion in the second quarter, and the cumulative loss since the beginning of the year has reached US$5.77 billion.One hundred million U.S. dollars.For now, the division is on track to surpass that number in 2022.

Faced with continued losses, Zuckerberg said on the conference call that he will still see the Metaverse as a key priority, focusing on its long-term metaverse growth rather than short-term gains, and said that this year it will invest about 10 billion US dollars in research and development of metaverse-related technologies.

Now, Zuckerberg has repositioned the entire company ethos to dominate the metaverse: an immersive future version of the internet navigated by digital avatars, betting that the metaverse willBe at the heart of business, work, play and social interaction.While the company's multibillion-dollar metaverse game has yet to pay off, Zuckerberg still says it's a long-term strategy.

As the economy is in a downturn, the Metaverse still needs to continue to invest, and Meta is facing the worst economic recession in recent history. Therefore, the company will implement layoff plans in the future, slow down recruitment,Downsize the team and use the funds for other areas.

Zuckerberg also said in May that Meta would spend a huge amount of money investing in the Metaverse over the next 3 to 5 years.The metaverse is obviously a very expensive undertaking for the next few years, and we're glad we played a major role in building the metaverse.

Summary

Meta is undoubtedly one of the representatives of the Metaverse radicals. Although the commercial value of the Metaverse cannot be underestimated, the company has been in a state of loss since its "makeover".

While Zuckerberg arguably ushered in Facebook's glory days, wild bets have blurred the company's development, and the metaverse still has no way out.