The Meta Metaverse Division lost 2.8 billion in the second quarter, still want to continue to bet?Metaverse development has yet to see a way out

Since Facebook changed its name to Meta, it has made a full-scale effort towards the metaverse field, 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. It is reported that the division lost US$10.2 billion in annual losses last year.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 regard the Metaverse as a key priority, focusing on its long-term growth rather than short-term gains, and said it will invest about $10 billion this yearUSD researches and develops metaverse related technologies.

Today, 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 will be business, work, play and social interactionCore.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 and the Metaverse needs to continue investing, Meta is facing the worst economic downturn in recent history. Therefore, in the future, the company will implement a layoff plan, slow down recruitment, reduce the size of the team, and use the funds for otherfield.

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.