Facebook's Metaverse division, now known as Meta, reported its quarterly earnings with revenue of $339 million, down from $695 million in the same quarter last year.
Despite the decline in revenue, the company is continuing to invest heavily in its Metaverse division, which aims to build a virtual world that users can access through virtual reality headsets and other devices.
Meta's Net Loss for the quarter was $4 billion, up from $3 billion in the same quarter last year, indicating increased investment and expenses in the development of the Metaverse.
The Metaverse has been touted as the future of social media and online interaction, with the potential to revolutionize how people connect and communicate.
Facebook's push into the Metaverse has sparked concerns about privacy and control, with critics questioning the company's ability to handle the vast amounts of data generated by virtual worlds.
Despite these concerns, Meta has emphasized its commitment to user privacy and security and has pledged to build the Metaverse in an open and interoperable way.
The future of the Metaverse remains uncertain, but Meta and other companies are investing heavily in its development.