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Facebook, Instagram, and WhatsApp’s parent company, Meta, released its Q2 earnings report on Wednesday. According to the document, the firm’s metaverse di vision , Reality Labs, witnessed $3.7 billion in losses. Reality Labs works on virtual reality and augmented reality technologies to fuel Meta’s metaverse initiative. According to the earnings report, Reality Labs posted $276 million in revenue in Q2 2023. This represented a significant drop from Q2 2022 when it earned about $452 million. Nonetheless, the social media giant has said it still remains committed to metaverse development. Also Read: Apple Announces Vision Pro AR/VR Headset: How Will it Impact the Metaverse? Speaking in an earnings call, CEO Mark Zuckerburg stated, “As our investments in AI continue, we remain fully committed to the metaverse vision as well.”  Zuckerburg further added that the company has been working on both AI and metaverse developments for many years in parallel an...

Layoffs have been a common affair over the past few weeks. As a cost reduction measure, a host of companies from the crypto space have been reducing their headcount as well. At the beginning of the month, for instance, three companies announced 10%-30% layoffs within a span of merely 12 hours. It was recently reported that Meta also caught the “layoff bug,” for it was preparing for “large-scale layoffs.” Several had been speculating that the firm’s Reality Labs division will likely lose a substantial number of members. The said metaverse division of the Meta endured a loss of about $3.7 billion during the third quarter of 2022. Now, in what is the latest development, Mark Zuckerberg confirmed that the company will begin the layoff s tomorrow . In fact, the CEO also said that he was accountable for the same. JUST IN: Mark Zuckerberg confirms $META (Facebook) will begin mass layoff s tomorrow . — Watcher.Guru (@WatcherGuru) November 8, 2...

Over the last few months, the globe has witnessed either mass layoffs or increased resignations. This trend seems to be persisting. While Elon Musk was under fire for eliminating nearly half of the jobs at Twitter, Meta may soon experience similar reception. Social media giant Meta was reportedly preparing for “large-scale layoffs” this week. A recent report by Wall Street Journal noted that thousands of employees could lose their jobs. Several have been speculating that the firm’s Reality Labs division will likely lose several members. It should be noted that this division endured a loss of about $3.7 billion during the third quarter of 2022. The current workforce of Meta stands at around 87,000 across several divisions. The upcoming layoffs would be the organization’s first significant headcount cutbacks in its 18-year history. In addition to this, Mark Zuckerberg, the Chief Executive hinted at this occurrence during the third quarter earnings call. He said, ...

Technology conglomerate Meta has been the talk of the town of late. A few hours back, the company released its revenue figures. Its earnings had been hit hard by its spending on the metaverse and its slowing growth in social networking and digital advertising. Amid all this, the company has been ordered to pay roughly $25 million to the state of Washington for violating the state’s law on online political ads. Meta in hot water? Seattle Judge Douglass North has ruled that the social media giant will have to pay $24,660,000 for 822 violations of the states’ law mandating transparency in political ads . Per the Judge, Meta intentionally and repeatedly breached the state’s laws since over the last few years and committed hundreds of violations. Outlining the same, the official release noted, “ Today, Judge North ordered Facebook to pay the maximum penalty : $24,660,000. This represents the largest campaign finance penalty anywhere in the country...