Those losses, in part due to lower sales of the Quest 2 virtual-reality headset, added to Meta’s overall disappointing financial performance and sparked a stock selloff that saw its shares tumble. On Wednesday, the company reported a quarterly loss of $3.67 billion in its Reality Labs, the unit responsible for delivering on Mark Zuckerberg’s metaverse plans. So the company has changed its name, invested $10 billion this year alone in VR and AR, and forged uneasy alliances with tech competitors and global governmental agencies, all in an effort to become the company that ushers in a new virtual era. Perhaps not coincidentally, Facebook is losing ground fast to TikTok, and Meta’s longtime central business model-ad revenue on Facebook’s News Feed-is faltering. They’re also hoping this uncharted journey into the metaverse can revive the company, which shed the Facebook name and rebranded itself a year ago as Meta.
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