Meta's Reality Labs division recorded a loss of $4 billion in Q1 2023, following an annual loss of over $13 billion in 2022. Despite this, Meta remains committed to the metaverse, though its ambitions have been scaled back, and the company has carried out cost-cutting measures, including layoffs. The total revenue generated from the company’s metaverse was $339 million, which pales in comparison to other revenue streams like ad revenue. Meta's stock value has picked up over the past few weeks but tanked in 2022. The company has turned its attention to AI, with CEO Mark Zuckerberg stating that Meta wants to "introduce AI agents to billions of people." In February, Meta established a new team focusing on creating AI solutions for Instagram and WhatsApp.

(By Rahul Nambiampurath)

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