Facebook’s parent company, Meta, recently released its fourth-quarter 2021 financial report. According to the financial report, the “Reality Lab” division of Meta Metaverse business has an operating loss of more than $10 billion in 2021. The Reality Labs unit is responsible for the vision of building a metaverse for Meta CEO, Mark Zuckerberg. It also includes hardware revenue, such as the Meta Quest virtual reality headset.
The financial report shows that in 2021, Meta Reality Lab’s revenue will be $2.27 billion, with an operating loss of $10.19 billion. This loss is consistent with the scale of Zuckerberg’s investment in Reality Labs last year. In 2020, Meta Reality Labs posted an operating loss of $6.62 billion on revenue of $1.14 billion. In 2019, Meta Reality Labs posted an operating loss of $4.5 billion on revenue of $501 million.
Facebook (Meta) Is The Worst Company Of 2021
Many authoritative companies make surveys every year in order to understand which brands and firms performed better than their competitors. One of them is Yahoo Finance, which takes into consideration the market performance and various achievements of world-class companies and evaluates their activity. Yahoo Finance issued a statement, claiming that Microsoft is the new “king”, reaching $2 trillion market capitalization. However, it claims that the worst company of the year (2021) is Facebook (Meta) which “outrun” all of its competitors. Of course, this is in terms of losses. The indiscriminate investment in Meta could be one of the reasons for its losses. Hopefully, it will reap the fruit of these investments in the Future.
Gizchina News of the week
Facebook (Meta) has been under the antitrust microscope. Some insiders even said the company had been ignoring safety issues for the sake of growth. The US Congress is regularly calling Zuckerberg for answers. There have been too many complaints concerning the company’s policy or approach that allows the spread of misinformation.
There are also complaints of censorship. We guess you will agree that Facebook users talk about whatever they want and in the way they want. Facebook has got tons of negative comments due to its photo-sharing site Instagram. Users think there is almost no control over the contents on Facebook. This could have a bad impact on children and young people.
Meta to face a lawsuit for allegedly collecting 44 million users data
Facebook’s parent company, Meta, is facing a class action in the United Kingdom with a claim value of more than 2.3 billion pounds (about $3.2 billion). The company is accused of abusing its market dominance, using 44 million users’ personal data. Liza Lovdahl Gormsen, a senior adviser to Britain’s Financial Conduct Authority (FCA) and a competition law academic, said she brought the case on behalf of Britons who used Facebook between 2015 and 2019.
Facebook claims that people use its services because the company brings value to them. The company also claims that it has “effective control over the information on Meta’s platform…”. Just a few days ago, Facebook’s attempt to block the Federal Trade Commission (FTC) from launching an antitrust lawsuit against it suffered a setback in one of the biggest U.S. government challenges to a tech company in decades. Currently, the U.S. government is trying to limit the broad market power that big tech companies have.