[HOT] : Facebook Reports Q3 Gains, Reports Massive Metaverse Changes on the Horizon
Facebook announced its third-quarter financial results on Monday, showing the social media giant is not slowing down, despite its struggles.
The company reported quarterly revenue of more than $ 29 billion, mostly attributable to ads. Over $ 725 million came from non-ad products, mostly driven by the Oculus Quest 2. Strong sales boosted non-ad revenue by nearly 200% from just under $ 250 million in the same quarter last year, signaling a strong demand for one of the best VR headsets you can buy right now.
Facebook CEO Mark Zuckerberg said during the earnings call that his new Ray-Ban Stories were also “a good start,” although no specific figures were provided.
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During the call, Zuckerberg announced that Facebook Reality Labs, the division responsible for the company’s virtual and augmented efforts, will be reported separately from other product financial data in the future. The move would signal the company’s increased focus on building the “metaverse” and allow investors to gain insight into the company’s progress.
During the call for results, Zuckerberg noted that Facebook is investing up to $ 10 billion in virtual reality and augmented reality this year, and is encouraging everyone “to go online to go online on Thursday,” where the company will undoubtedly have more to say about its plans. This follows the company’s recent announcement that it will create more than 10,000 jobs in Europe to help build the metaverse.
Facebook is expected to reveal a name change this week, possibly at its annual Connect Conference event. This is likely to help distance the company from the Facebook Blue app while underscoring its growing interest in the “metaverse.” Some have speculated that it would have to do with its Horizon Worlds platform which has been in beta for some time and aligns more with Facebook’s goal, but that remains to be seen.
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