the Q2 2024 report sees losses in the metaverse, but investments in AI

Meta has released its Q2 2024 report, in which a further loss in the metaverse sector of 4.5 billion dollars is noted. On the other hand, the founder and CEO of Meta, Mark Zuckerberg, believes in the new model based on Artificial Intelligence that will become the most used AI assistant in the world by the end of the year. 

Meta and Q2 2024: losses in the metaverse to focus investments on AI

Meta Platforms has published its Q2 2024 report, where a further loss in the metaverse sector of 4.5 billion dollars emerges.

These are the activities on Reality Labs which, from 2019 to today, accounts for a total loss of almost 60 billion dollars.

Yet, the platform of Mark Zuckerberg remains positive, reporting a revenue exceeding expectations of 49 billion dollars, with an increase of 22% compared to last year. This quarter remains for Meta the second most important ever. 

At stake, in fact, is Meta AI, the new model based on Artificial Intelligence which, according to CEO and co-founder Zuckerberg, will become the most used AI assistant in the world by the end of the year. 

In this regard, here are the words of Zuckerberg: 

​​”We had a very positive quarter and Meta AI is on track to become the most used AI assistant in the world by the end of the year. We released the first frontier open-source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we are recording good growth across all our applications”.

Meta: disappointments in the metaverse sector but hopes and investments in the AI sector

Going into more detail, Meta recorded 13.5 billion dollars in profits. 

In this regard, Zuckerberg emphasized that these revenues largely come from his advances in artificial intelligence and the growth of his apps, including Threads and WhatsApp.

The new Q2 2024 report from Meta has been appreciated by investors, to the point that in the last 24 hours, the price of META shares has risen up to $474.83. 

In any case, Meta has stated that it plans to significantly increase its capital investments in 2025, focusing primarily on AI research and development.

The coalition against digital fraud

At the end of May, Meta insieme a Coinbase, Kraken, Ripple, Gemini, Global Anti-Scam Organization e Match Group, formed a coalition “Tech Against Scams”. 

In practice, the objective of such cooperation is to join forces to combat online fraud and fraudulent financial schemes. 

It is about bringing together all the knowledge and expertise from various sectors, in order to implement a plan that aims to protect users.