Meta has recently published its Q1 earnings report ending March 31, 2023, showing positive results going above analyst expectations, with Zuckerberg reiterating his stance on the metaverse and further confirming that he refuses to give up on it and will continue to focus on it as well as on AI.

This quarter marks the first increase in year-over-year revenue in 3 quarters following the company’s restructuring that included mass layoffs where around 10,000 employees were fired this year. Part of these layoffs also affected some working in Reality Labs, Meta’s VR and AR division that also encompasses the metaverse and AI.

In the report, Meta CEO Mark Zuckerberg has stated that his company has had “a good quarter and our community continues to grow” while adding that “AI work is driving good results across our apps and business” and that they are “becoming more efficient” in order to speed up development of quality products while putting themselves “in a stronger position to deliver our long term vision."

Many have recently speculated that this long-term vision now no longer includes the metaverse, but only AI, as the Reality Labs segment has suffered almost $4 billion this quarter and lost a whopping $13.7 billion last year. Zuckerberg has denied that he’s giving up though, saying that “A narrative has developed that we’re somehow moving away from focusing on the metaverse vision, so I just want to say up front that that’s not accurate,” confirming that “We’ve been focusing on AI and the metaverse, and we will continue to.” He also added that “Building the metaverse is a long-term project, but the rationale for it remains the same, and we remain committed to it.”

Following the positive results, shares of the Facebook parent company increased by 12% in after-hours trading, as Meta reported a 3% increase in revenue, from $27.91 billion a year ago to $28.65 billion. 

The official Q1 report can be found here.

Earlier this month, Meta opened up its social VR space to teens, allowing teenagers in the US and Canada to dive into the Horizon Worlds metaverse.