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You guys really made Mark Zuckerberg defend against investors because of your memes • londonbusinessblog.com

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During today’s quarterly earnings call, Meta founder and CEO Mark Zuckerberg was on the defensive when it comes to the company’s investment in the metaverse. Again, the company lost more than $3 billion dollars to its Reality Labs division this quarter, and Meta’s net income took a big hit.

Since Facebook’s rebrand to Meta, Zuckerberg’s company has been criticized for its complete plunge into the metaverse. But perhaps one of the most brutal moments came in August, when the CEO posted a selfie in front of a metaverse Eiffel Tower to celebrate the expansion of social VR platform Horizon Worlds to France and Spain.

Image Credits: facebook

His selfie looked so bad it turned into a meme, which he had to tackle by posting another mock-up of what avatars will look like in the future.

Clearly Mark took the criticism to heart, bringing it up again on today’s earnings call when an investor asked if Meta’s progress so far has met his expectations.

“I know when we ship products, sometimes there’s a meme where people say, ‘You spend all this money and you produce this thing,'” Zuckerberg said. “I don’t think that’s really the right way to think about it.”

He continued, “I think there are a number of different products and platforms that we’re building where we think we’re doing industry-leading work that’s going to be… launching consumer products and eventually mature products at different cadence, different time periods over the next five up to ten years.”

Some of these consumer products contain… legs.

He added that he thinks the Reality Labs teams are making good progress and that there is no indication that VR and AR will not be dominant technologies in the future. But he changed the way he characterized products like Horizon Worlds, describing it as something that Meta builds and repeats publicly.

“Obviously there’s a long way to go before it becomes what we want it to be,” Zuckerberg said of Horizon Worlds. “We think we’re doing industry leading work there, but of course we need to get that into the product and keep innovating on that.”

Still, Zuckerberg remains confident that the billions of dollars that Meta is pumping into VR is a good idea. “A lot of people might not agree with this investment,” Zuckerberg said. “But as far as I can see, I think this is going to be a really important thing, and I think it would be a mistake if we didn’t focus on one of these areas, which I think are going to be fundamental.” for the future.”

Zuckerberg sounds a bit more human than usual when he points out that VR and AR are big growth opportunities in the tech industry. But Zuckerberg’s take on the metaverse — one in which we’re constantly strapped into our headsets — remains a little hard to swallow. The Quest 2 is actually a pretty cool piece of tech, and the next consumer-grade headset is sure to be even better. You can already play on the Quest 2 extremely realistic ping pong with friends from all over the world and talk to them as if they were right next to you! But do we really want to spend our nine-to-five with a giant screen right up against our eyeballs? Would we rather hang out at Horizon Worlds than have IRL coffee with a friend? I don’t, at least.

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