Meta spent $10 billion on the Metaverse in 2021, dragging down profit

Facebook parent Meta Platforms Inc. is expected to post rising revenues but a modest decline in profit as it ramps up spending to execute the pivot to the metaverse as outlined late last year by Chief Executive Mark Zuckerberg.

In its first quarterly earnings since changing its name in October, Meta will also break out its Reality Labs segment, which will offer investors insight into the health of the virtual and augmented reality consumer business unit that is at the heart of the metaverse efforts.

The name change was part of a bold strategic shift from Mr. Zuckerberg to bet the company’s future on VR headsets, AR glasses and virtual worlds, known as the metaverse, in which users can live and work.

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