And Bloomberg News Agency indicated that these estimates, which were presented by Andrew Bosworth, technical director of Mita, in an online message today, are slightly more than the estimates allocated by the company during the third quarter of this year to invest in Reality Labs, and it was 18%.
This means that the bulk of Meta’s investments will be directed to what Mittal says is the “family of applications” namely Facebook, Instagram, WhatsApp and Messenger.
It is noteworthy that Mita shares declined during the current year by about 65% of its value, while some questioned the feasibility of CEO Mark Zuckerberg’s bet in charge of Metaverse technology, which came at a time when the company cut other expenses, including the layoffs of a large number of employees.
The Reality Labs sector recorded operating losses of $9.4 billion during the first nine months of this year. On the other hand, the so-called Meta apps family made $32 billion in profits during the same period.
Bosworth said this year was more difficult than expected, adding, “economic challenges around the world, with pressures on Mita’s core businesses, have caused a perfect storm of skepticism about the investments we make.”
Dedicating 20% of our investment to future technologies is “the level of investment we believe is reasonable for a company that is committed to remaining at the forefront of one of the most competitive and innovative industries on Earth,” Bursworth said.