Meta will invest another 4.5 billion dollars in the metaverse for Q2, preparing for AI growth

BlockBeats reports that on August 1, in the second quarter of this year, Mark Zuckerberg's Meta Platforms lost another $4.5 billion on its metaverse business Reality Labs. Since 2019, its metaverse funding losses have increased to nearly $60 billion.

At the second-quarter earnings call held on July 31, Meta reported revenues higher than expected at $49 billion, a 22% increase from the same period last year and the second-largest quarterly revenue in history. Meta stated that it plans to significantly increase capital expenditure by 2025 as it shifts focus towards research and development in artificial intelligence.

In addition, this California-based tech giant announced profits of $13.5 billion. Zuckerberg said most of these profits came from advancements in artificial intelligence and growth in applications like Threads and WhatsApp. After the earnings call ended, Meta's stock price rose by 7.1% in after-hours trading; The company's performance for the second quarter exceeded most analysts' expectations.