<p><strong>Meta</strong> <strong>Platforms</strong>（META -0.07%）的股票在週三晚間發佈財報後回落。儘管這家社交媒體巨頭在收入和利潤方面都超出了預期，但該股在盤後交易中下跌了 3%。由於 Facebook 母公司今年已經大幅上漲，因此在財報發佈前市場的預期很高。</p>
<p>收入增長了 19%，達到 406 億美元，超出了市場共識的 402.9 億美元，得益於較低的税率，每股收益躍升 37%，達到 6.03 美元，超出預期的 5.25 美元。</p>
<p>然而，隨着股價的上漲和廣告業務增長放緩，投資者的注意力轉向了公司在 Reality Labs 部門的支出，而他們對所看到的情況並不滿意。</p>
<p>Meta 在該部門報告了 44 億美元的虧損，該部門負責其硬件產品，如 Quest VR 頭顯、人工智能基礎設施和元宇宙軟件。Reality Labs 在本季度的收入僅為 2.7 億美元，顯示該部門幾乎完全是整體業務的負擔，其收入對整體業務而言幾乎可以忽略不計。</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>圖片來源：Getty Images。</p>
<h2>現實檢查的時刻</h2>
<p>Meta 在 2021 年宣佈將公司名稱從 Facebook 更改為 Meta Platforms，以反映其業務超越核心社交媒體平台的增長，以及對元宇宙的關注，當時由於疫情的居家影響，元宇宙引起了廣泛關注。</p>
<p>首席執行官馬克·扎克伯格是此次品牌重塑和對元宇宙關注的推動者，自那時以來，Meta 的股票大幅上漲，突破了 1 萬億美元的市值。然而，儘管 Meta 的人工智能工具不斷普及，Reality Labs 的虧損卻在不斷增加，公司預計這些虧損在 2025 年還會繼續增長。</p>
<h2>蘋果削減 Vision Pro 的生產</h2>
<p>Meta 日益增長的資金黑洞引人注目，因為一個主要競爭對手基本上已經放棄了自己的 Reality Labs 版本。扎克伯格曾在幾年前指出 <strong>蘋果</strong>（AAPL -1.33%）是其試圖主導下一個計算平台的主要競爭對手。</p>
<p>一段時間以來，似乎兩家公司都認為下一個計算平台是元宇宙，但考慮到 Reality Labs 的疲軟和生成性人工智能的崛起，這一願景似乎幾乎已經破滅。</p>
<p>上週，蘋果似乎接受了這一現實，《信息》報道稱，由於客户對這款昂貴設備的反應不佳，蘋果大幅削減了 Vision Pro 混合現實頭顯的生產。報道稱，蘋果還告知該設備的組裝商在 11 月停止該產品的工作，自 2 月份發佈以來，蘋果對該產品的消息一直保持沉默。</p>
<p>Vision Pro 的挫折似乎是對 Meta 自身元宇宙雄心的警示，儘管 Meta 的 Quest 設備價格遠低於 Vision Pro。</p>
<h2>適當的時機，錯誤的產品</h2>
<p>扎克伯格説得對了一半。我們幾年前預測下一個主要計算平台即將到來。雖然這似乎是正確的，但並不是扎克伯格所期待的元宇宙，而是生成性人工智能席捲了整個世界，催生了數百億美元對 <strong>Nvidia</strong> 芯片等產品的投資。</p>
<p>Meta Platforms 正在努力成為生成性人工智能的領導者，但扎克伯格的元宇宙夢想似乎已經基本破滅。像蘋果對 Vision Pro 所做的那樣，縮減對元宇宙的投入無疑會為 Meta Platforms 節省資金，儘管不清楚能節省多少。</p>
<p>儘管如此，將 Reality Labs 作為一個獨立部門可能不再有意義。雖然我不指望 Meta Platforms 會採取與蘋果相同的舉措，但承認對元宇宙需求不足的現實將有助於 Meta Platforms 的股票在投資者對該部門增加支出持懷疑態度時迎來下一次上漲。</p>

META

<p>Meta Platforms (META) 的股票在發佈財報後下跌了 3%，儘管其收入和盈利均超出預期。該公司在其專注於虛擬現實和元宇宙產品的 Reality Labs 部門報告了 34 億美元的虧損，這引發了投資者的擔憂。儘管自重新品牌以來，Meta 的股票大幅上漲，但 Reality Labs 的虧損預計將進一步擴大。相比之下，蘋果因需求疲軟而減少了 Vision Pro 頭顯的生產，顯示出其對元宇宙雄心的轉變。分析師建議，考慮到生成性人工智能的崛起，Meta 應重新審視其對元宇宙的關注</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%）的股票在週三晚間發佈財報後回落。儘管這家社交媒體巨頭在收入和利潤方面都超出了預期，但該股在盤後交易中下跌了 3%。由於 Facebook 母公司今年已經大幅上漲，因此在財報發佈前市場的預期很高。</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>收入增長了 19%，達到 406 億美元，超出了市場共識的 402.9 億美元，得益於較低的税率，每股收益躍升 37%，達到 6.03 美元，超出預期的 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，隨着股價的上漲和廣告業務增長放緩，投資者的注意力轉向了公司在 Reality Labs 部門的支出，而他們對所看到的情況並不滿意。</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 在該部門報告了 44 億美元的虧損，該部門負責其硬件產品，如 Quest VR 頭顯、人工智能基礎設施和元宇宙軟件。Reality Labs 在本季度的收入僅為 2.7 億美元，顯示該部門幾乎完全是整體業務的負擔，其收入對整體業務而言幾乎可以忽略不計。</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>圖片來源：Getty Images。</p>
</div><h2>Time for a reality check</h2>
<div class="lb-trans"><h2>現實檢查的時刻</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 年宣佈將公司名稱從 Facebook 更改為 Meta Platforms，以反映其業務超越核心社交媒體平台的增長，以及對元宇宙的關注，當時由於疫情的居家影響，元宇宙引起了廣泛關注。</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>首席執行官馬克·扎克伯格是此次品牌重塑和對元宇宙關注的推動者，自那時以來，Meta 的股票大幅上漲，突破了 1 萬億美元的市值。然而，儘管 Meta 的人工智能工具不斷普及，Reality Labs 的虧損卻在不斷增加，公司預計這些虧損在 2025 年還會繼續增長。</p>
</div><h2>Apple dials back the Vision Pro</h2>
<div class="lb-trans"><h2>蘋果削減 Vision Pro 的生產</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 日益增長的資金黑洞引人注目，因為一個主要競爭對手基本上已經放棄了自己的 Reality Labs 版本。扎克伯格曾在幾年前指出 <strong>蘋果</strong>（AAPL -1.33%）是其試圖主導下一個計算平台的主要競爭對手。</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>一段時間以來，似乎兩家公司都認為下一個計算平台是元宇宙，但考慮到 Reality Labs 的疲軟和生成性人工智能的崛起，這一願景似乎幾乎已經破滅。</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>上週，蘋果似乎接受了這一現實，《信息》報道稱，由於客户對這款昂貴設備的反應不佳，蘋果大幅削減了 Vision Pro 混合現實頭顯的生產。報道稱，蘋果還告知該設備的組裝商在 11 月停止該產品的工作，自 2 月份發佈以來，蘋果對該產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 的挫折似乎是對 Meta 自身元宇宙雄心的警示，儘管 Meta 的 Quest 設備價格遠低於 Vision Pro。</p>
</div><h2>Right time, wrong product</h2>
<div class="lb-trans"><h2>適當的時機，錯誤的產品</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>扎克伯格説得對了一半。我們幾年前預測下一個主要計算平台即將到來。雖然這似乎是正確的，但並不是扎克伯格所期待的元宇宙，而是生成性人工智能席捲了整個世界，催生了數百億美元對 <strong>Nvidia</strong> 芯片等產品的投資。</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 正在努力成為生成性人工智能的領導者，但扎克伯格的元宇宙夢想似乎已經基本破滅。像蘋果對 Vision Pro 所做的那樣，縮減對元宇宙的投入無疑會為 Meta Platforms 節省資金，儘管不清楚能節省多少。</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>儘管如此，將 Reality Labs 作為一個獨立部門可能不再有意義。雖然我不指望 Meta Platforms 會採取與蘋果相同的舉措，但承認對元宇宙需求不足的現實將有助於 Meta Platforms 的股票在投資者對該部門增加支出持懷疑態度時迎來下一次上漲。</p>
</div>

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

- Meta Platforms 股價在財報發佈後下跌 3%，儘管收入和盈利均超出預期。  
- Reality Labs 部門虧損 4.4 億美元，收入微不足道，投資者對此反應不佳。  
- 蘋果削減 Vision Pro 生產，顯示出對元宇宙的需求減弱，影響 Meta 的前景。  

隨着 Reality Labs 的虧損不斷增加，Meta Platforms 應該從蘋果公司中吸取教訓