Meta CEO Mark Zuckerberg unnerved investors on the company's quarterly earnings call Wednesday by focusing on its long-term investments in AI and the metaverse.'s earnings call by talking about artificial intelligence. Then he moved onto the metaverse, touting his company's headsets, glasses and operating system. He spent almost the entirety of his opening remarks focused on the many ways Meta loses money.
He also talked up Meta's AR glasses, which he called"the ideal device for an AI assistant because you can let them see what you see and hear what you hear.", which houses the company's hardware and software for development of the nascent metaverse, continues to bleed cash. Reality Labs reported sales of $440 million for the first quarter and $3.85 billion in losses. The division's cumulative losses since the end of 2020 topped $45 billion.
Zuckerberg said he expects to see a"multiyear investment cycle" before Meta's AI products will scale into profitable services, but noted that the company has a"strong track record" in that department.
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