Meta reports fall in quarterly revenue in 2022
- Oct 30, 2022
The Meta Company, a leading provider of augmented reality (AR) technology, has announced that its revenue for the fourth quarter of 2022 was down compared to the same period last year.
Meta's revenue for the fourth quarter was $9.1 million, down from $10.6 million in the fourth quarter of 2021. The company attributed the decline to lower sales of its Meta 2 AR headset, which was discontinued in December 2021.
Meta also announced that it has secured $50 million in new funding from investors, which it will use to accelerate the development of its next-generation AR platform.
"We are very excited about the potential of our next-generation platform and the new opportunities it will open up for our customers and partners," said Meta CEO Meron Gribetz. "This funding will allow us to bring our platform to market faster and to scale our business more quickly."
Meta's new AR platform is based on its "Lightwear" AR headset, which was unveiled at the Consumer Electronics Show in January 2022. The headset is designed to be more comfortable and lightweight than existing AR headsets, and to provide a more natural and immersive AR experience.
The Meta 2 AR headset was discontinued in December 2021
The company attributed the decline to lower sales of its Meta 2 AR headset, which was discontinued in December 2021.