Meta just had its best quarter since 2021, even as it continues to lose massive amounts of money on the metaverse. In fact, the company said it expects to lose even more money on its efforts in the year to come.

Reality Labs, the Meta division overseeing its virtual and augmented reality projects, lost $3.7 billion during the second quarter of 2023 and generated just $276 million in revenue, according to the company’s latest earnings report. And the company, once again, said it expects its metaverse spending to accelerate. CFO Susan Li said that Meta is expecting Reality Labs’ losses to “increase meaningfully” compared with last year, when it lost more than $13 billion on the efforts.

Meta CEO Mark Zuckerberg tried to downplay the significance of the losses. “We remain fully committed to the metaverse vision,” he said during the company’s earnings call. When pressed for more details on the company’s metaverse spending, he pointed to the upcoming Quest 3 headset, which he said would launch at Meta’s Connect event in September. “This is going to be the biggest headset that we’ve released since 2020,” he said. “There are just a lot of expenses related to bring that to market.”

Aside from the metaverse, it was an otherwise a strong quarter for Meta, which reported $32 billion in revenue, an 11 percent increase from last year. Zuckerberg touted Reels, which are now drawing 200 billion views a day across Facebook and Instagram, thanks to the company’s renewed emphasis on AI-driven recommendations. He also highlighted the recent launch of Threads and the company’s Llama 2 large language model.

Though early analytics data has suggested Threads engagement has declined substantially since its launch, Zuckerberg said the company is “seeing more people coming back daily than I’d expected” and that he sees a path for the app to eventually reach “hundreds of millions” of users.

Meta also confirmed that the bulk of its layoffs, which resulted in the company shedding more than 20,000 jobs since last fall, have been “substantially completed.” Zuckerberg previously dubbed 2023 as Meta’s “year of efficiency” as he cut staff and attempted to streamline the company’s management structure. Zuckerberg pointed to Threads’ launch, which he said was overseen by a relatively small team, as proof that “cultural changes” at Meta are working.

Zuckerberg didn’t, however, offer a timeline of when he thought the company’s metaverse spending might start to pay off. “This is a very long term bet,” he said, “You know, on a deep level, I understand the discomfort that a lot of investors have with it. And look, I mean, I can’t guarantee you that I’m gonna be right about this bet —I do think that this is the direction that the world is going in.”

This article originally appeared on Engadget at https://www.engadget.com/meta-had-its-best-quarter-since-2021-despite-losing-more-money-on-the-metaverse-231925266.html?src=rss

Source: Engadget – Meta had its best quarter since 2021 despite losing more money on the metaverse

Erik Buell, best known for founding Buell Motorcycles, announced Fuell, his new electric motorcycle venture, back in 2019. In that same announcement, he said that Fuell would begin work on its first electric motorcycle: the Fuell Fllow. Following though a few years later, Fuell is giving us more details on the Fllow and opening pre-orders today.

The Fllow is a mid-sized motorcycle that claims to have the capacity of a larger bike, with 10 gallons of total storage in addition to space for a passenger. It features 150 miles of city range on a full charge and uses the CCS connector for charging. You can expect to fully charge in about 30 minutes with a Level 2 charger and between one and a half to two and a half hours for a standard home charger. In a pinch, you’re looking at around eight hours when plugged into a standard 110/220V home outlet. While the bike’s standard CCS connector is widely available in North America, we’ve seen a recent uptick in major car brands adopting Tesla’s NACS connector – fortunately, adapters are common. The bike has a top speed of 85 miles per hour with a speedy 0-60MPH time of 3.5 seconds.

Buell says that one of the main focuses with the Fuell brand is integrated and interchangeable battery packs. This technology would enable the ability to swap some components as the technology improves in the future. The company calls it the “battery pack module” and enables components such as the charger, rear wheel motor and fast charging socket to be swapped out and upgraded over time.

While Buell has a history with Harley-Davidson, Fuell is its own independent company, separate from the Buell Motorcycles brand. Founded in 1983, the brand ran for a decade before Harley-Davidson acquired 49 percent of the company in 1993, followed by full ownership in 2003. In 2009, Harley-Davidson announced the discontinuation of the Buell product line. While the brand has been resurrected since then Buell himself is solely focused on Fuell going forward.

Harley-Davidson hasn’t been sitting quietly on the sidelines, either. The company’s LiveWire division announced its S2 Del Mar electric bike in early 2023. The bike features a 110 mile range and a 0-60MPH time of 3.1 seconds. While the S2 Del Mar has a faster 0-60 time, the Fuell has longer range and faster charging. The Fllow is also prioritizing cargo capacity and modularity in its design.

The Fuell Fllow is available now for pre-order at $9,995, with an MSRP of $12,995.

This article originally appeared on Engadget at https://www.engadget.com/the-9995-fuell-fllow-electric-motorcycle-is-available-for-pre-order-today-220016821.html?src=rss

Source: Engadget – The ,995 Fuell Fllow electric motorcycle is available for pre-order today