Meta (previously Facebook) posted its latest earnings last night and it's not good news. Its Reality Labs division reported a $10bn loss for 2021.
Why does it matter?
The company is betting big on the "Metaverse", but that journey takes time. In the short term, that means Meta has to wait for consumers appetite to grow.
What's my take?
Wow! The $10bn comes on top of minus $6bn in 2020, and the $4.5bn the company lost on 2019. That's a lot of money on a bet that many, I believe, are still to be convinced by.
Of course, Meta is in it for the long game, with CEO Mark Zuckerberg believing that in the future will be similar to how life is portrayed in the book and subsequent movie, Ready Player One.
That might be the case one day, but I've not seen anything so far that would compel me to ditch this world for a virtual one. And, given how early it is in the overall journey, I get the feeling that $10bn is just the start of the losses to come.