Can Meta's Q1 show impact the 'Metaverse' theme?

economictimes.indiatimes.com:

Meta (erstwhile Facebook) reported better-than-expected earnings in the March quarter. The company reported a revenue of $27.91 billion, with an EPS of $2.72. The company had 2.94 billion active users on a monthly basis, with an average revenue per user (ARPU) of $9.54. However, its recently created Facebook Reality Labs (FRL), the metaverse division, reported a first quarterly loss of $2.96 billion. The company had announced its earnings earlier this week.

Did you Know?

From Pro Kabaddi League to IPL, blockchain-based applications have started making a buzz among sports enthusiasts and hardcore fans

Meta announced that it would be breaking out results for the division to show the performance and investments in a group that it considers key to the next generation of online social experiences. However, major crypto tokens have not reacted much to Meta's Q1 numbers. This is peculiar because the markets had dwindled sharply when the company had reported a poor set of numbers for the December quarter. Anshul Dhir, CoFounder & COO, EasyFi, said one major reason for this is that Meta's current business is not directly related to cryptos. «In fact, they are winding down the Diem Association which was planning a stablecoin of sorts and rethinking its plan for its own digital currency.» However, Arijit Mukherjee, Founder and CEO of Yunometa, said that considering the outsize impact of Meta on the metaverse, its Q1 results certainly bode well for the entire crypto space. «One can expect the current negative trend in the crypto world to reverse to an extent by Meta’s earnings as they are the biggest player in the metaverse arena. But there are other factors that are hurting crypto’s morale,» he added. FRL