"Damn, it won't work because you'll lose a lot of money by changing your name. It's not logical, right?"
It can be seen that Chief Executive Officer (CEO) Mark Zuckerberg is really committed to the transition of Web3 social media to the metaverse after the name Facebook (FB) was changed to Meta in September 2021.
Reportedly, Meta recorded revenue of $134.9 billion in 2023 which is a 16% increase compared to 2022 then its fourth quarter revenue of $40.1 billion which not only set a firm record but also exceeded analysts' forecasts.
However, Meta's Reality Labs which is the research division responsible for products such as the Quest VR line of sets has recorded consecutive year-over-year operating losses totaling $40 billion since 2021.
Like to be informed Meta's revenue has come significantly from its social media and messaging apps such as Facebook, Instagram, Messenger and WhatsApp.
In comparison, Meta has sold 20 million Quest headsets since 2019 until March 2023 while Apple sold 151 million iPhones in 2023 and Sony about 50 million PlayStation 5 consoles from 2020 to December 2023.
Back on the case of Meta, the figures surrounding Reality Labs seem to be lacking in investors and shareholders in stages as the firm has invested its money into Reality Labs for research and development on the metaverse including buying back its own shares.
However, Meta has repurchased $92 billion worth of its own shares since 2021 but has $31 billion available for purchase at the end of 2023 while another $50 billion is earmarked for further buybacks in February.
