Technologies

Meta earnings disappoint as Facebook’s parent pushes into the metaverse

For the first time, the social media giant breaks out the performance of its AR and VR business. Its earnings in the fourth quarter, though, were weaker than expected.

Facebook parent Meta said Wednesday that the augmented and virtual reality business at the heart of its metaverse ambitions generated $877 million in revenue, but disappointing fourth-quarter earnings underscored how much the company relies on its social media businesses.

The details mark the first time the company has broken out the performance of its AR and VR unit, which is known as Reality Labs. The unprofitable unit — it lost $3.3 billion in the quarter — oversees the Oculus headset that will help anchor the company’s push into the metaverse.

Last year, Facebook rebranded itself as Meta, a change that fueled hype around the online spaces where people will be able to work and socialize as digital avatars. However, Meta remains reliant on digital advertising on the Facebook social network and its photo service Instagram even as it barrels toward the metaverse.

«While we expect Meta to ramp up testing ads and commerce within its metaverse offerings this year, those efforts will be highly experimental and not likely to drive much revenue in the near term,» said Debra Aho Williamson, a principal analyst at Insider Intelligence, which was formerly eMarketer.

In the fourth quarter, Meta posted revenue of $33.7 billion, above analyst expectations of $33.4 billion. But it earned $3.67 per share, falling short of the $3.84 per share projected by analysts surveyed by Thomson Reuters.

Meta’s stock plunged more than 20% in after-hours trading. The company’s stock ticker is expected to change to META from FB in the first half of the year.

Like other tech companies, Meta has warned that privacy changes imposed by Apple could make it harder for businesses to measure the effectiveness of their ads on Facebook and Instagram. The company also said it expected «headwinds» caused by inflation and supply chain disruptions that affect advertiser budgets.

Facebook and Instagram users are also spending more time on the platform’s short-form video product, Reels, which doesn’t generate as much revenue as the company’s News Feed or Stories where people can post content that vanishes in 24 hours. That’s partly because Reels doesn’t include as many ads compared to News Feed or Stories.

«I’m confident that leaning harder into these trends is the right short-term tradeoff to make in order to get long-term gains. We’ve made these types of transitions before with mobile feed and Stories,» Meta CEO Mark Zuckerberg said in a call with analysts Wednesday.

On top of that, Facebook is facing more competition from other apps such as short-form video app TikTok. Facebook’s daily active users in the fourth quarter dropped from 1.93 billion to 1.92 billion, with the quarterly drop mainly coming from developing countries.

Though the metaverse concept has been around for years, Meta has been hiring engineers and purchasing VR apps to bolster the creation of its virtual worlds. At Christmas, the Oculus app required to set up the Quest headset topped Apple’s App Store, suggesting that people had purchased the headsets over the holidays as a gift. The social network is also working on augmented reality glasses and, with Ray-Ban, released its first pair of smart glasses to shoot photos and videos.

Meta’s efforts to build more digital realms has been bumpy. The company still faces criticism that it doesn’t do enough to combat misinformation, hate speech and other types of offensive content, problems that will only grow more complex in the metaverse. The US Federal Trade Commission and multiple states, led by New York, are reportedly investigating potential anticompetitive practices by Oculus. This week, Meta shuttered its Diem cryptocurrency project after regulatory pushback.

The challenges haven’t stopped Meta from pushing forward with its futuristic vision of what it thinks will be the successor to the mobile internet.

«If last year was about putting a stake in the ground for where we’re heading, this year is going to be about executing,» Zuckerberg said.

Technologies

WWDC 2025 Set for June 9. What to Expect From iOS 19 and How to Watch

The tech giant has published the lineup for its summer software event, including details of how to stream the keynote.

Apple has revealed the lineup for this year’s WWDC, its annual developer conference, which is scheduled to take place from June 9 to June 13, with a mix of online and in-person sessions. The company has scheduled a special event for the first day at Apple Park, where it will stream its keynote and platforms state of the union address.

The June 9 keynote is scheduled to take place at 10 a.m. PT, and will detail «groundbreaking updates coming to Apple platforms,» according to a press release. During the keynote, we expect to see the company announce its plans for iOS 19 and other software updates across iPad, Mac, Apple Watch and Apple TV.

The platforms state of the union will take place on the same day at 1 p.m. PT, offering «a deeper dive into the new tools that will further empower Apple developers, including advances across iOS, iPadOS, macOS, tvOS, visionOS, and watchOS.»

You can watch both events online via apple.com, the Apple TV app, and the Apple YouTube channel.

As always, iOS 19 likely won’t arrive later in the year (probably after the annual September iPhone event), but WWDC will provide us with our first glimpse of Apple’s plans for our devices. In the meantime, check out our iOS 19 wish list of features that CNET staff hope will be coming with this next big software update.

What is WWDC?

WWDC is a conference for the developers who create the apps we use across our Apple devices, from our iPhones to our MacBooks, to learn about new tools and features they can take advantage of that year. However, the event also garners significant attention from beyond the developer community, since it tells us all we need to know about what to expect from the next generation of software updates that will come to our devices.

The online event is free to attend for all developers, and anyone who is curious can tune into Apple’s keynote. But those who want to attend the June 9 event at Apple Park in person need to apply online. In the days following, students and developers will attend sessions where they can engage more deeply with the changes to Apple’s platforms, which will allow them to ensure their apps are fully compatible with and that they take advantage of those changes.

«We’re excited to mark another incredible year of WWDC with our global developer community,» said Susan Prescott, Apple’s vice president of worldwide developer relations. «We can’t wait to share the latest tools and technologies that will empower developers and help them continue to innovate.»

What to Expect at WWDC 2025

If rumors are to be believed, Apple’s operating systems are set for a dramatic design overhaul this year. According to Bloomberg, iOS 19, iPadOS 19 and MacOS 16 will all feature new icons and menus, which will also change how our devices and controlled and navigated. The aim is reportedly to create a more cohesive style across platforms that will be reminiscent of VisionOS, the operating system designed for the company’s mixed-reality headset.

But that’s not all — Apple will likely use WWDC to outline the progress its made in the field of AI. «I’m looking forward to seeing more details about Apple Intelligence and the new features that will become available,» said Francisco Jeronimo, VP of devices at IDC. «This is critical for Apple, as Google Gemini and the Android vendors have taken significant steps forward with their AI offerings.»

Last year at WWDC 2024, Apple announced iOS 18 and Apple Intelligence — as well as updates to Siri that have yet to materialize.

Technologies

This Belkin Wireless Phone Charger Is Just $15, but Time’s Running Out to Get Yours

Wireless chargers are handy to have around. This one is now 67% off at Woot.

Sure, you can plug your phone into a cable when it comes time to top it off, but that’s so boring and kind of old school. Instead, why not treat yourself to a new wireless charger and power that phone in style? You might be surprised how inexpensive the switch to wireless charging is, especially if you take advantage of this deal. Right now, Woot will sell you a Belkin Qi-certified charger for just $15, and you’ll even get a power adapter in the box. That’s more than you can say about your phone these days.

This wireless charger comes in a stand form so you can use your phone’s screen and watch content even while it’s charging. It has a stylish black finish, so it’ll look right at home whether on your desk or table beside your bed.

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In terms of specs, the charger is Qi-certified, so it is rated for 15 watts of charging power, while the adapter is rated for 24 watts. That means that you’ll charge at the maximum speed allowed by the Qi standard when using a compatible phone.

It’s worth keeping in mind that this deal isn’t going to hang around for long, though. Woot says it will end in just a few days, and it could end sooner if stocks run dry.

Why this deal matters

Wireless chargers are a quick and easy way to get some juice into your phone while still having access to its display. But the best part is the fact that you won’t have to go fishing for your cable down the back of the nearest piece of furniture anymore. Can you really put a price on that?

If you could, we reckon it’d be much more than the $15 needed to get one of these wireless chargers, that’s for sure.