Meta profits plummet by 50% as the Metaverse hunger consumes all

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Meta and Mark Zuckerberg have been banking on the metaverse to become a sensation but that just hasn’t happened. It seems that the online platform is proving to be a fad, as the company’s profits have plummeted to 50%.

While the company has plans to continue working on it and improve issues, things just aren’t looking good right now. Hopefully, things work out for everyone involved since jobs are on the line but that might just be wishful thinking.

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Meta and the metaverse aren’t working out

According to The New York Times, Meta has acknowledged the recent decline and said that it wouldn’t end anytime soon. To combat these losses, the company said they will be “making significant changes across the board to operate more efficiently.”

Supposedly, these “significant changes” include shrinking certain teams and only hiring people for top-priority positions, among other needed improvements. Granted, that news won’t please all of the investors who are losing money, but things could work out one day.

There are hopes that things will grow and improve next year, given all of the money put into this venture. Only time will tell if those words bear any fruit since there seems to be frustration on all sides.

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Read More: Oculus VR founder blasts Zuckerberg‘s ‘terrible’ Metaverse, but has hope it’ll succeed

More black eyes for the metaverse

It’s fair to say that 2022 has been a bad year for the metaverse, with users reportedly leaving it after one month. Not helping are some of the things Meta is complicit in, from advertising fake metaverse legs to bad metaverse avatar selfies.

Stumbling around like this shouldn’t be commonplace for the launch of a platform that should be raking in millions. While other competitors are attempting to make their own version of the platform and do better, these events have damaged public interest.