New Delhi:- Meta had a really good three months, which is one of the best periods it has had since it changed its name from Facebook. The company has made 11% more money compared to last year, which is good news for investors. Last year, the company had a decrease in revenue for the first time, so this growth is a relief. Mark Zuckerberg is the owner of the company. The price of Meta's stock went down a lot in 2022, but now it is going back up. After the markets closed today, it was trading at around $298 per share.

One reason why Meta is earning more money is because it has fired over 20,000 employees, which makes its expenses for staff much less. The change in hiring practices has caused some people to lose their jobs. However, investors are happy with this change. Meta has used the term "The Year of Efficiency" to describe downsizing, which is a more acceptable way of saying "mass layoffs" during a meeting about the company's profits.

The increase in revenue is not only because costs are lower. Zuckerberg says that Reels are watched 200 billion times every day on Instagram and Facebook, and the money they make has increased to over $10 billion per year, up from $3 billion in the autumn. And even though Meta hasn't started making money from Threads yet, Zuckerberg says the new competitor to Twitter is doing well.

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Even though things are improving at Meta, Reality Labs still have difficulties. Meta's virtual reality (VR) and augmented reality (AR) products made only $276 million, while Reality Labs lost $3. 7 billion this quarter. In 2022, Reality Labs lost Meta a huge amount of money - $13. 7.

Susan Li, a important person at Meta who handles finance, said in a report about the company's earnings in the second quarter of 2023 that they expect Reality Labs to have even more money losses in their day-to-day operations. But most people don't seem interested in Meta's idea of a metaverse.

Apple also joined the AR/VR industry this quarter by introducing its Vision Pro AR headset, which costs $3,499. This product everyone has been waiting for is too expensive for most people to buy. But Meta is getting ready for the fall, when it will compete with Apple and release its Quest 3 headset. The Quest 3, a special kind of virtual reality headset, will be sold for $499. That's not a small amount of money, but it's much easier to afford than $3,499.

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Despite the high costs involved, Zuckerberg remains hopeful and positive when talking to investors, who are doubtful about the potential returns of these investments. "He said we're here to create amazing experiences that help people connect. " I believe that contributing to creating the next platform will greatly unlock opportunities for many years.

It's like when he openly said to investors last year that even though Reality Labs is losing money, the 2030s will be very interesting. Zuckerberg said he can't promise to be correct, but he believes the world is headed in this direction.

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Meta has finally come to stage of relaxation as it has shown a whopping 11% growth in the previous days but the Metaverse in still suffering in the competitive market finding the way out towards success.