Meta sees good Q1 growth but losses for AR-VR vertical

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New Delhi. Meta (formerly Facebook) reported revenue of $28.65 billion, a 3 percent year-over-year increase and beating Wall Street’s expectations in the March quarter. The company is still committed to the Metaverse. Daily Active People (DAPs) averaged 3.02 billion for March 2023, a growth of 5 percent, while Monthly Active People (MAPs) stood at 3.81 billion, also a growth of 5 percent.

Facebook has 2.04 billion daily active users (DAUs), a 4 percent increase.

Mark Zuckerberg, Meta’s Founder and CEO, said, “We’ve had a great quarter and our community continues to grow. Our AI work is driving great results in our apps and business. We’re also getting more efficient so we can get faster.” Build superior products and position ourselves strongly to deliver on our long-term vision.”

However, Meta Reality Labs (AR-VR division) reported a loss of nearly $4 billion in the March quarter and is projected to lose $13.7 billion in 2022.

“Our vision for AR Glasses includes an AI-focused operating system that we think will be the basis for the next generation of computing,” Zuckerberg told analysts on an earnings call late Wednesday.

Meta expects second quarter 2023 total revenue to be in the range of $29.5-32 billion.

“We anticipate that our full-year 2023 total expenses will be in the range of $86-90 billion,” Meta said, which has been updated from our prior outlook provided in March.

This approach includes restructuring costs of $3–5 billion related to facilities consolidation fees and severance and other personnel costs.

We continue to expect Reality Labs’ operating loss to grow year-over-year in 2023, he added.(IANS)

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