With the global economic recession, Meta, which has been growing continuously for 10 years, started to stumble. As the increase in the number of users of social networks decreases, incomes also decrease. The Metaverse episode was a complete disaster.

Metaverse hits big

According to the statement, the total revenue of Meta company was $ 27.71 billion, while there was a decrease of 4 percent on a yearly basis. Total spending broke an all-time record of $22 billion, resulting in a 50 percent decrease in net profit to $4.39 billion.

Is the concept of the metaverse collapsing?

The reason for such a large expenditure is Reality Labs. Reality Labs, which was founded to realize Zuckerberg's Metaverse dream, brought in only 285 million dollars and lost $ 3.67 billion. In the same period last year, there was a loss of $ 2.63 billion. In other words, the metaverse dream will cause an annual loss of almost 10 billion dollars to Meta. The company expects big losses in 2023 as well. In terms of the number of users, Facebook's monthly active users increased by 2 percent to 2.96 billion. Daily active users increased by 3 percent to 1.98 billion. The total of meta-social networks, on the other hand, increased by 4% to 2.93 billion daily active users and 3.71 billion monthly active users. During the pandemic period, these numbers were increasing by 10 percent.

In the last quarter of the year, the company expects some increase in revenues. In addition, it is aimed to achieve a balance in net profit with the big layoffs and cuts in expenditures in all areas. Meta shares fell 7 percent after the announcement.