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Meta beats revenue expectations, remains committed to metaverse

Variety

27-04-2023 | 07:29

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Meta beats revenue expectations, remains committed to metaverse

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Things are looking up for Meta. The company beat revenue expectations, reporting an increase in year-over-year revenue for the first time in three quarters. But this ray of light for the company formerly known as Facebook comes amid harsh restructuring, resulting in more than 10,000 jobs eliminated this year.

Tech moves through buzzwords like clockwork. Though the metaverse was all the rage when Meta changed its name — a sort of recursive and self-referential generation of hype — now, it’s all about AI. Despite big losses in its metaverse investments, CEO Mark Zuckerberg made it a point to tell investors that he is not making a u-turn into the AI lane. Rather, he sees AI as technology that works in tandem with the metaverse.

“A narrative has developed that we’re somehow moving away from focusing on the metaverse vision, so I just want to say up front that that’s not accurate,” Zuckerberg said. “We’ve been focusing on AI and the metaverse, and we will continue to.”

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