Social giant Facebook is betting on virtual reality and augmented reality in the future.

On October 28 local time, Facebook CEO Mark Zuckerberg announced at the Facebook connect conference that Facebook would be renamed "meta" from "metaverse".

Zuckerberg said that we have experienced from desktop to Internet to mobile phone, from text message to photo to video, but this is not the end. "The next platform and media will be a more immersive and concrete Internet. You will be in the experience, not just as a bystander. We call it the meta universe."

Zuckerberg said that from now on, it will be metauniverse first, not Facebook first. "I've studied classical literature before. The word 'meta' comes from Greek and means' Transcendence '. For me, it symbolizes that there is always more to build, and there is always the next chapter of a story."

Zuckerberg said there was a need to build technology to bring people together. Metauniverse is the next frontier to connect people, just like just starting to use social networks. "Over time, I want us to be regarded as a metauniverse company, and I want to position our work and identity on the goals we are building."

Facebook said it plans to start trading under the stock code "mvrs" on December 1. Facebook's namesake service was downgraded to one of the company's subsidiaries, tied with instagram and WhatsApp, rather than the overall brand.

As early as may this year, Facebook said it would transform into a meta universe company within five years. Recently, it announced that it would recruit 10000 engineers to develop meta universe in Europe, although the industry has not yet had a clear definition of what meta universe is.

In the previous third quarter earnings conference call, Facebook said that from the fourth quarter of 2021, Facebook plans to separately disclose the financial data of Facebook reality labs in the financial report.

Facebook said that it is investing a lot of resources in augmented and virtual reality products and services, and it is expected that the investment in Facebook reality lab will reduce the overall operating profit by about $10 billion in 2021.

Zuckerberg once said on a conference call that the investment in metauniverse can not bring profits immediately. It is expected that it may be more like a real business story later this decade.

The name of Facebook has been used since Zuckerberg founded a social networking site in Harvard University dormitory in 2004, although it was originally called the Facebook. In May 2012, Facebook went public with an issue price of $38, raised more than $16 billion and a valuation of more than $100 billion. It was the largest technology enterprise IPO in American history at that time. After the successful listing, Facebook successively acquired instagram and WhatsApp.

The latest financial data show that the average monthly number of active users (MAU) of Facebook, WhatsApp, instagram and messenger under Facebook in the third quarter was 2.91 billion. Facebook's revenue in the third quarter was $29.01 billion, a year-on-year increase of 35%; The net profit was US $9.194 billion, a year-on-year increase of 17%. Both revenue and net profit were lower than Wall Street's expectations.

Facebook's entry into virtual reality can be traced back to 2014, when it acquired oculus, a VR enterprise. In July 2017, Facebook's market value exceeded $500 billion. In June 2021, the market value exceeded the $1 trillion mark for the first time, becoming the Fifth American enterprise with a market value of more than $1 trillion after apple, Microsoft, Amazon and Google alphabet.

As of the closing of US stocks, Facebook closed at US $316.92, up 1.51%, with a total market value of US $893.5 billion. It is believed that the company's renaming to meta means that its corporate name will be decoupled from the recently troubled social networking platform Facebook, highlighting the company's focus on turning to an emerging computing platform based on virtual reality.

[warm tips] the material comes from the Internet. The copyright belongs to the original author. If there is anything wrong, please contact us to modify or delete it. Thank you.