Meta boss Mark Zuckerberg spoke glowingly about the company’s ambitions for artificial intelligence on Wednesday after the Facebook and Instagram parent’s metaverse division lost nearly $4 billion …
Zuckerberg spent six minutes of his opening remarks talking about Meta’s AI projects during the company’s first-quarter earnings call on Wednesday – compared to just 90 seconds on the metaverse, according to Bloomberg.
The tech giant reported first-quarter revenue of $28.65 billion and earnings per share of $2.20. Both figures beat analysts’ projections.Meta is pouring more money into its AI projects.During the conference call, Zuckerberg pushed back on assertions that the company is putting the metaverse on the backburner — after a lukewarm reception from investors and the public — in favor of developing AI.
User time spent on Instagram has increased by more than 24% — a trend Zuckerberg attributed to AI-powered recommendations for Reels, the company’s answer to TikTok’s video feed.Mark Zuckerberg angered some investors last year with major spending on the metaverse.For the quarter, Meta’s Reality Labs division – the segment that includes its metaverse unit – lost $3.99 billion. The division generated revenue of just $339 million – down 51% compared to the same quarter one year ago.
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