Facebook spends at least 10 billion USD investing in metaverse

This morning, according to Vietnam time, the giant Facebook has officially announced its financial report for the third quarter of 2021. After a lot of noise because of recent scandals, the announcement of financial results is considered an opportunity for CEO Mark Zuckerberg to save the situation under increasing pressure from many sides because the stock goes down.

The results show that Facebook recorded revenue of $ 29.01 billion, up 35% from the same period last quarter. Notably, this is the first time Facebook has separated the metaverse division from the Facebook Reality Labs division.

According to the Report, the division that creates VR/AR equipment, software and content around the virtual universe ‘metaverse’ recorded a loss of operating profit of 10 billion USD. Facebook also plans to spend more on this division when it plans to hire 10,000 European workers over the next five years.

Mark Zuckerberg is very determined to build the metaverse virtual universe.

“This is not an investment that will pay off for us anytime in the near future. But we basically believe that the metaverse will become the successful successor of the mobile internet,” Mark Zuckerberg told analysts.

Also during the release of financial statements, Mark Zuckerberg hastily avoided issues related to recent scandals such as prioritizing profits over children’s health. Facebook’s CEO quickly turned to the topic of building the metaverse, a refreshing way of helping the company attract younger users rather than optimizing the older user population. Although Mark Zuckerberg admits it will take years to realize this idea.

Looking to the fourth quarter of 2021, Facebook is expected to reach revenue between $31.5 billion and $34 billion. The company also plans to add $50 billion to its share buyback program.