<p><strong>Meta</strong> <strong>Platforms</strong>（META -0.07%）的股票在周三晚间发布财报后回落。尽管这家社交媒体巨头在收入和利润方面都超出了预期，但该股在盘后交易中下跌了 3%。由于 Facebook 母公司今年已经大幅上涨，因此在财报发布前市场的预期很高。</p>
<p>收入增长了 19%，达到 406 亿美元，超出了市场共识的 402.9 亿美元，得益于较低的税率，每股收益跃升 37%，达到 6.03 美元，超出预期的 5.25 美元。</p>
<p>然而，随着股价的上涨和广告业务增长放缓，投资者的注意力转向了公司在 Reality Labs 部门的支出，而他们对所看到的情况并不满意。</p>
<p>Meta 在该部门报告了 44 亿美元的亏损，该部门负责其硬件产品，如 Quest VR 头显、人工智能基础设施和元宇宙软件。Reality Labs 在本季度的收入仅为 2.7 亿美元，显示该部门几乎完全是整体业务的负担，其收入对整体业务而言几乎可以忽略不计。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU5ODYvbWV0YXZlcnNlLWRpZ2l0YWwtY3liZXItd29ybGQtdGVjaG5vbG9neS12ci1nb2dnbGVzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU5ODYvbWV0YXZlcnNlLWRpZ2l0YWwtY3liZXItd29ybGQtdGVjaG5vbG9neS12ci1nb2dnbGVzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现实检查的时刻</h2>
<p>Meta 在 2021 年宣布将公司名称从 Facebook 更改为 Meta Platforms，以反映其业务超越核心社交媒体平台的增长，以及对元宇宙的关注，当时由于疫情的居家影响，元宇宙引起了广泛关注。</p>
<p>首席执行官马克·扎克伯格是此次品牌重塑和对元宇宙关注的推动者，自那时以来，Meta 的股票大幅上涨，突破了 1 万亿美元的市值。然而，尽管 Meta 的人工智能工具不断普及，Reality Labs 的亏损却在不断增加，公司预计这些亏损在 2025 年还会继续增长。</p>
<h2>苹果削减 Vision Pro 的生产</h2>
<p>Meta 日益增长的资金黑洞引人注目，因为一个主要竞争对手基本上已经放弃了自己的 Reality Labs 版本。扎克伯格曾在几年前指出 <strong>苹果</strong>（AAPL -1.33%）是其试图主导下一个计算平台的主要竞争对手。</p>
<p>一段时间以来，似乎两家公司都认为下一个计算平台是元宇宙，但考虑到 Reality Labs 的疲软和生成性人工智能的崛起，这一愿景似乎几乎已经破灭。</p>
<p>上周，苹果似乎接受了这一现实，《信息》报道称，由于客户对这款昂贵设备的反应不佳，苹果大幅削减了 Vision Pro 混合现实头显的生产。报道称，苹果还告知该设备的组装商在 11 月停止该产品的工作，自 2 月份发布以来，苹果对该产品的消息一直保持沉默。</p>
<p>Vision Pro 的挫折似乎是对 Meta 自身元宇宙雄心的警示，尽管 Meta 的 Quest 设备价格远低于 Vision Pro。</p>
<h2>适当的时机，错误的产品</h2>
<p>扎克伯格说得对了一半。我们几年前预测下一个主要计算平台即将到来。虽然这似乎是正确的，但并不是扎克伯格所期待的元宇宙，而是生成性人工智能席卷了整个世界，催生了数百亿美元对 <strong>Nvidia</strong> 芯片等产品的投资。</p>
<p>Meta Platforms 正在努力成为生成性人工智能的领导者，但扎克伯格的元宇宙梦想似乎已经基本破灭。像苹果对 Vision Pro 所做的那样，缩减对元宇宙的投入无疑会为 Meta Platforms 节省资金，尽管不清楚能节省多少。</p>
<p>尽管如此，将 Reality Labs 作为一个独立部门可能不再有意义。虽然我不指望 Meta Platforms 会采取与苹果相同的举措，但承认对元宇宙需求不足的现实将有助于 Meta Platforms 的股票在投资者对该部门增加支出持怀疑态度时迎来下一次上涨。</p>

META

<p>Meta Platforms (META) 的股票在发布财报后下跌了 3%，尽管其收入和盈利均超出预期。该公司在其专注于虚拟现实和元宇宙产品的 Reality Labs 部门报告了 34 亿美元的亏损，这引发了投资者的担忧。尽管自重新品牌以来，Meta 的股票大幅上涨，但 Reality Labs 的亏损预计将进一步扩大。相比之下，苹果因需求疲软而减少了 Vision Pro 头显的生产，显示出其对元宇宙雄心的转变。分析师建议，考虑到生成性人工智能的崛起，Meta 应重新审视其对元宇宙的关注</p>

<p><strong>Met</strong> <strong>a Platforms</strong>(META -0.07%) stock pulled back after its earnings report Wednesday night. The stock was trading down 3% after hours, even as the social media giant edged past estimates on the top and bottom lines. The Facebook parent had already soared this year, so expectations were high coming into the report.</p>
<div class="lb-trans"><p><strong>Meta</strong> <strong>Platforms</strong>（META -0.07%）的股票在周三晚间发布财报后回落。尽管这家社交媒体巨头在收入和利润方面都超出了预期，但该股在盘后交易中下跌了 3%。由于 Facebook 母公司今年已经大幅上涨，因此在财报发布前市场的预期很高。</p>
</div><p>Revenue rose 19% to $40.6 billion, which topped the consensus at $40.29 billion, and earnings per share jumped 37%, helped by a lower tax rate, to $6.03, beating expectations at $5.25.</p>
<div class="lb-trans"><p>收入增长了 19%，达到 406 亿美元，超出了市场共识的 402.9 亿美元，得益于较低的税率，每股收益跃升 37%，达到 6.03 美元，超出预期的 5.25 美元。</p>
</div><p>However, with the stock price arguably getting stretched and growth in the advertising business slowing, investor attention turned to the company's spending in its Reality Labs division, and they didn't like what they saw.</p>
<div class="lb-trans"><p>然而，随着股价的上涨和广告业务增长放缓，投资者的注意力转向了公司在 Reality Labs 部门的支出，而他们对所看到的情况并不满意。</p>
</div><p>Meta reported a $4.4 billion loss in that division, which is responsible for its hardware like its Quest VR headsets, AI infrastructure, and metaverse software. Reality Labs brought in just $270 million in revenue in the quarter, showing that the division is almost entirely a drain on the overall business with revenue that's essentially a rounding error for the overall business.</p>
<div class="lb-trans"><p>Meta 在该部门报告了 44 亿美元的亏损，该部门负责其硬件产品，如 Quest VR 头显、人工智能基础设施和元宇宙软件。Reality Labs 在本季度的收入仅为 2.7 亿美元，显示该部门几乎完全是整体业务的负担，其收入对整体业务而言几乎可以忽略不计。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU5ODYvbWV0YXZlcnNlLWRpZ2l0YWwtY3liZXItd29ybGQtdGVjaG5vbG9neS12ci1nb2dnbGVzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F795986%2Fmetaverse-digital-cyber-world-technology-vr-goggles.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Time for a reality check</h2>
<div class="lb-trans"><h2>现实检查的时刻</h2>
</div><p>Meta announced in 2021 that the company was renaming itself from Facebook to Meta Platforms to reflect the growth of the business beyond its core social media platform and its focus on the metaverse, which at the time was gaining interest due to the stay-at-home effects of Covid.</p>
<div class="lb-trans"><p>Meta 在 2021 年宣布将公司名称从 Facebook 更改为 Meta Platforms，以反映其业务超越核心社交媒体平台的增长，以及对元宇宙的关注，当时由于疫情的居家影响，元宇宙引起了广泛关注。</p>
</div><p>CEO Mark Zuckerberg, who was the driver behind the rebrand and the focus on the metaverse, seems to have gotten the last laugh as Meta stock has soared since then, crossing the $1 trillion threshold. However, despite the proliferation of Meta's AI tools, the losses from Reality Labs are only growing, and the company expects them to continue to grow in 2025 as well.</p>
<div class="lb-trans"><p>首席执行官马克·扎克伯格是此次品牌重塑和对元宇宙关注的推动者，自那时以来，Meta 的股票大幅上涨，突破了 1 万亿美元的市值。然而，尽管 Meta 的人工智能工具不断普及，Reality Labs 的亏损却在不断增加，公司预计这些亏损在 2025 年还会继续增长。</p>
</div><h2>Apple dials back the Vision Pro</h2>
<div class="lb-trans"><h2>苹果削减 Vision Pro 的生产</h2>
</div><p>Meta's growing money pit is notable because a key rival has essentially thrown in the towel on its own version of Reality Labs. Zuckerberg has called out <strong>Apple</strong>(AAPL -1.33%) as its primary rival in its attempt to own the next computing platform, as Zuckerberg said a couple of years ago.</p>
<div class="lb-trans"><p>Meta 日益增长的资金黑洞引人注目，因为一个主要竞争对手基本上已经放弃了自己的 Reality Labs 版本。扎克伯格曾在几年前指出 <strong>苹果</strong>（AAPL -1.33%）是其试图主导下一个计算平台的主要竞争对手。</p>
</div><p>For a while, it seemed like both companies thought that was the metaverse, but that vision seems nearly dead, given the weakness at Reality Labs and the ascendance of generative AI.</p>
<div class="lb-trans"><p>一段时间以来，似乎两家公司都认为下一个计算平台是元宇宙，但考虑到 Reality Labs 的疲软和生成性人工智能的崛起，这一愿景似乎几乎已经破灭。</p>
</div><p>Apple seemed to accept that reality last week as <em>The Information</em> said that it drastically cut back on production of the Vision Pro mixed-reality headset due to poor customer response to the expensive device. It also reportedly told the device's assembler to stop working on the product in November, and Apple has notably been mum about the product since its launch in February.</p>
<div class="lb-trans"><p>上周，苹果似乎接受了这一现实，《信息》报道称，由于客户对这款昂贵设备的反应不佳，苹果大幅削减了 Vision Pro 混合现实头显的生产。报道称，苹果还告知该设备的组装商在 11 月停止该产品的工作，自 2 月份发布以来，苹果对该产品的消息一直保持沉默。</p>
</div><p>The setback for the Vision Pro seems to be a warning sign for Meta's own metaverse ambitions, even though Meta's Quest devices are at a much lower price point than the Vision Pro.</p>
<div class="lb-trans"><p>Vision Pro 的挫折似乎是对 Meta 自身元宇宙雄心的警示，尽管 Meta 的 Quest 设备价格远低于 Vision Pro。</p>
</div><h2>Right time, wrong product</h2>
<div class="lb-trans"><h2>适当的时机，错误的产品</h2>
</div><p>Zuckerberg was half right. We predicted a few years ago that the next major computing platform was around the corner. While that seems to be true, it's not the metaverse that Zuckerberg expected, but generative AI that has taken the world by storm, setting off tens of billions of dollars in investments in products like <strong>Nvidia</strong> chips.</p>
<div class="lb-trans"><p>扎克伯格说得对了一半。我们几年前预测下一个主要计算平台即将到来。虽然这似乎是正确的，但并不是扎克伯格所期待的元宇宙，而是生成性人工智能席卷了整个世界，催生了数百亿美元对 <strong>Nvidia</strong> 芯片等产品的投资。</p>
</div><p>Meta Platforms is working to be a leader in generative AI, but Zuckerberg's metaverse dreams seem all but dead. Scaling back on the metaverse, as Apple has done with the Vision Pro, would certainly save Meta Platforms money, though it's unclear how much.</p>
<div class="lb-trans"><p>Meta Platforms 正在努力成为生成性人工智能的领导者，但扎克伯格的元宇宙梦想似乎已经基本破灭。像苹果对 Vision Pro 所做的那样，缩减对元宇宙的投入无疑会为 Meta Platforms 节省资金，尽管不清楚能节省多少。</p>
</div><p>Still, keeping Reality Labs as a separate segment may no longer make sense. While I wouldn't expect Meta Platforms to make the same move that Apple did, acknowledging the reality of the lack of demand for the metaverse would help Meta Platforms stock take its next leg up as investors are right to be skeptical of increased spending in the segment.</p>
<div class="lb-trans"><p>尽管如此，将 Reality Labs 作为一个独立部门可能不再有意义。虽然我不指望 Meta Platforms 会采取与苹果相同的举措，但承认对元宇宙需求不足的现实将有助于 Meta Platforms 的股票在投资者对该部门增加支出持怀疑态度时迎来下一次上涨。</p>
</div>

As Reality Labs' Losses Keep Growing, Meta Platforms Should Take the Hint From Apple

- Meta Platforms 股价在财报发布后下跌 3%，尽管收入和盈利均超出预期。  
- Reality Labs 部门亏损 4.4 亿美元，收入微不足道，投资者对此反应不佳。  
- 苹果削减 Vision Pro 生产，显示出对元宇宙的需求减弱，影响 Meta 的前景。  

随着 Reality Labs 的亏损不断增加，Meta Platforms 应该从苹果公司中吸取教训