In September 2021, when Facebook rebranded itself as Meta, it was a bold declaration of CEO Mark Zuckerberg’s dedication to transitioning from a Web2 social media platform to a metaverse-focused company. Fast forward three years, as Meta prepares for its first-quarter earnings call on April 24, the financial dedication and impact of its foray into virtual and augmented reality (VR and AR) technologies on the company’s finances are worth examining. In 2023, Meta reported a revenue of $134.9 billion, marking a near 16% increase from 2022. The fourth quarter alone saw a record-breaking revenue of $40.1 billion, surpassing analyst predictions.
