That's burning with a 'B' as in the **B**ILLIONS of dollars __[Meta](https://hackernoon.com/company/meta)__'s Reality Labs __[burned](https://hackernoon.com/meta-aims-to-focus-on-ai-ads-and-reels-in-2023-after-near-$14b-loss-in-reality-labs-in-2022)__ through in 2022. It’s safe to say that the company failed to convince the masses that it is *__[totally](https://hackernoon.com/the-metaverse-is-a-shtshow)__* __[worth](https://hackernoon.com/the-metaverse-is-a-shtshow)__ buying expensive headsets and tuning into the ~~Matrix~~ "metaverse" for a jolly good time.

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So how many billions *did* Reality Labs burn, you ask? Well………….. $13.72. That's how much.

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For context, $13.72 billion in losses is a little over 10% of the revenue Meta generated during the *entirety* of 2022. But that's not good enough of a scale, so here's a better example: $13.72 billion is nearly **20%** of Zuck's __[net](https://www.bloomberg.com/billionaires/profiles/mark-e-zuckerberg/) worth of__ $69.1 billion as of today. \n 

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 ![Image via: https://www.bloomberg.com/billionaires/profiles/mark-e-zuckerberg/](https://cdn.hackernoon.com/images/2jqChkrv03exBUgkLrDzIbfM99q2-2023-02-07T23:45:19.415Z-clduw3n7c000p0as6d0fp9ra0)

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So basically, Zuck burned through one-fifth of his net worth in a single year on a failed vanity project with little to no results. Worse still, Meta is adamant that it will continue investing *in* the metaverse because it sees "__[significant long-term opportunities](https://hackernoon.com/meta-aims-to-focus-on-ai-ads-and-reels-in-2023-after-near-$14b-loss-in-reality-labs-in-2022)__" in the space. But until it reaches this \*magical\* future, Reality Labs (which is responsible for bringing Zuck's VR ~~dystopia~~ heaven to life) will continue to post losses, even exceeding those booked in 2022. If this keeps up, Zuck could end up losing *all* his net worth in five years or less.

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It's not all bad for Meta, though. The company seemed to have reversed a downward trend in its stock price following the release of its quarterly and full-year results last week, thanks to a surprise announcement of a $40 billion share buyback. Maybe now that Meta doesn't have to pay some __[11,000 employees](https://hackernoon.com/the-billionaires-fcked-up)__, it decided it's time to reward its shareholders instead. Lord knows they need to get richer.. \n 

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 ![](https://cdn.hackernoon.com/images/2jqChkrv03exBUgkLrDzIbfM99q2-2023-02-07T23:45:19.420Z-clduw3n7g000q0as6hiimgj9o)

 \n Analysts also __[sounded upbeat](https://www.reuters.com/technology/meta-reports-55-drop-quarterly-profit-2023-02-01/)__ about Meta's business prospects given a slew of cost-cutting measures and __[use of artificial intelligence](https://hackernoon.com/meta-aims-to-focus-on-ai-ads-and-reels-in-2023-after-near-$14b-loss-in-reality-labs-in-2022)__ to remain competitive in the digital ad space i.e., the tech titan's bread and butter. All in all, Meta's better-than-expected financial results (minus Reality Labs, *duh*) seem to have bought Zuck a lifeline as he continues on his mission to conquer the virtual world.

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Meta ranked #71 in this week's __[Tech Company Rankings](https://hackernoon.com/companies)__. Its subsidiaries __[Instagram](https://hackernoon.com/company/instagram)__ and __[Facebook](https://hackernoon.com/company/facebook)__ ranked #2 and #3, respectively.

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:::tip
👋 *You’re reading HackerNoon's Tech Company News Brief, a weekly collection of tech goodness that combines HackerNoon's proprietary data with internet trends to determine which companies are rising and falling in the public consciousness. Subscribe [here](https://hackernoon.com/companies?ref=hackernoon.com) to receive the newsletter in your inbox every Tuesday!*

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### **Tech Titans Say They're Making Billions But Wall Street Says It Ain't Impressed 📉**

Alphabet, __[Apple](https://hackernoon.com/company/apple)__ and __[Amazon](https://hackernoon.com/company/amazon)__ — each of which is valued at over a trillion dollars (with a T) — reported their earnings last week which ran into the billions, but for whatever reason, Wall Street was like.. __[Eh](https://www.reuters.com/technology/tech-trillion-clubs-wobble-four-charts-2023-02-03/?utm_source=Sailthru&utm_medium=Newsletter&utm_campaign=Technology-Roundup&utm_term=020323)__.

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Apple booked nearly $30 billion in fourth-quarter 2022 profit, but all anyone could talk about was the __[drop in the company's revenues](https://hackernoon.com/apples-ipad-services-unit-shines-amid-revenue-decline-ai-integration-in-products-in-the-works)__ — the first in close to four years.

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Alphabet, the owner of __[Google](https://hackernoon.com/company/google)__, booked $13.62 billion in profit during the closing months of 2022, but the conversation surrounding the company had again to do with a drop in its __[revenues](https://hackernoon.com/alphabet-doubles-up-efforts-on-ai-as-tech-industry-races-to-get-a-foothold-in-the-sector)__.

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In Amazon's case, the conversation had a lot to do with the __[massive drop in profit](https://hackernoon.com/amazons-financial-future-expansion-plans-leveraging-aws-and-investment-in-customer-loyalty)__ for the 2022 fourth quarter: $278 million vs. the massive $14.32 billion the company had booked in the same quarter of 2021.

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Google ranked #5 this week. Apple was trending in the #35 spot, while Amazon was ranked at #58.

### **Tech Layoffs Continue Unabated, Now Reaching Dell 💻**

__[Dell](https://hackernoon.com/company/dell)__, one of the mainstays of the personal computers industry, __[said](https://www.reuters.com/technology/dell-slash-about-6650-jobs-bloomberg-news-2023-02-06/)__ it would be letting go of 5% of its workforce, following in the __[footsteps](https://hackernoon.com/tech-giants-give-longtime-employees-a-massive-fu)__ of other tech companies who have been looking to become leaner since at least mid-2022.

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The layoffs have nothing to do with the Austin, Texas-based company's __[decreasing market share](https://www.statista.com/statistics/298976/pc-shipments-worldwide-dell-market-share/)__ despite selling laptops to literally every corporation on the planet but an overall trend in the tech space to weather a downturn in the industry in light of falling demand.

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Dell's decision will impact 6,650 jobs, similar to the 6,000 job cuts its rival __[HP](https://hackernoon.com/company/hp)__ announced in __[late 2022](https://www.reuters.com/business/hp-cut-up-6000-jobs-2022-11-22/)__.

### **In Other News.. 📰**

* The Grammy for the Best Score Soundtrack for Video Games goes to.. __[Assassin's Creed Vallalalalal](https://twitter.com/RhodeToLove/status/1622338999598698502)__ 😂
* You can now get a discounted version of Apple's iPhone 14 Pro.. __[if you're in China](https://www.reuters.com/technology/retailers-offering-discounts-high-end-iphones-china-2023-02-06/)__.
* YouTuber Logan Paul is facing a __[class-action lawsuit](https://kotaku.com/youtube-logan-paul-cryptozoo-nft-lawsuit-scam-fraud-1850072693)__ in Austin, Texas, for allegedly __[defrauding investors](https://www.youtube.com/watch?v=386p68_lDHA)__ with his NFT game CryptoZoo.
* __[Samsung](https://hackernoon.com/company/samsung)__ is __[doubling down](https://hackernoon.com/samsung-to-continue-expansion-plans-randd-investments-despite-decline-in-demand)__ on plans to expand production and R&D in India.
* AMD had a __[good quarter](https://hackernoon.com/amd-posts-q4-earnings-growth-despite-industry-challenges-expects-to-capitalize-on-ai-demand)__.

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And that's a wrap! Don't forget to share this newsletter with your family and friends! See y'all next week. PEACE! ☮️

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**— Sheharyar Khan, Editor, Business Tech @ HackerNoon**

This story contains new, firsthand information uncovered by the writer.

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