Mark Zuckerberg, Meta’s CEO, and founder said during an investor call that the company’s activities in the metaverse span a “broad” portfolio, going beyond just the Quest headsets to include the social aspects of avatars that give users a sense of presence in the virtual world.
Zuckerberg underlined that in addition to consumer-focused items, the metaverse will also include work-focused products, like the one that was just unveiled at Connect.
Although Zuckerberg is only presently assessing the research and development efforts in this field, it is anticipated that the work on augmented reality will take longer.
Zuckerberg asserted that he is certain that no other firm in the world is working on the same things as Meta, despite the fact that Meta has not yet launched any goods.
Zuckerberg stressed that it would be a mistake to give up on the metaverse and augmented reality initiatives despite the costs and unknowns associated with them because they will be crucial for the company’s future success.
He claimed that Meta is engaged in some of the “most historic work” that has been and will continue to be studied for decades. He continued by saying that individuals who are patient and invest in the business will eventually be rewarded.
Even while corporate leaders argued for patience, investors did not seem to be persuaded, and Meta shares dropped more than 20% in late trade.
Bloomberg Intelligence’s Mandeep Singh noted that Reality Labs’ revenue fell short of expectations and said, “Right present, no one is purchasing virtual reality headsets. Investors will become uneasy as long as Reality Labs continues to lose money.”
Overall, it seems like Meta is embarking on a pricey and uncertain journey toward the metaverse and success in augmented reality.
Investors are less convinced than the company is and have reacted by driving down the value of Meta’s shares, despite the fact that the company is still confident in its efforts and believes they will be crucial for its long-term success.