(Business Insider) Social media giant Facebook is expecting its investment into the Reality Labs project to cut its profit by about $10 billion this year.
Facebook says it believes in the long-term vision of the Reality Labs and will raise the investments in the project in the next several years. The company sees no returns in the short term in the new endeavor.
CEO Mark Zuckerberg has been pushing Facebook’s metaverse ambitions, with the social media firm even considering changing a name to reflect the new concept. Zuckerberg sees the metaverse as the successor of the mobile internet.
Metaverse consists of shared virtual spaces that allow people to access the internet via virtual reality and augmented reality devices.
FB: NASDAQ is down -1.76%.
