Make no mistake: While the metaverse is still largely conceptual, it's coming and the opportunity is vast. Even in the midst of those headwinds, Meta generated more than $9.1 billion in net income and $9.5 billion in free cash flow, giving it plenty of resources to pursue its virtual aspirations. In the third quarter, revenue of $29 billion grew 35% year over year - even as the specter of privacy reforms rolled out by Apple ( NASDAQ:AAPL) hung over the proceedings. The company's social media platforms, led by Facebook, will provide Meta Platforms with the capital it needs to usher in this change. Facebook Reality Labs is working on haptic gloves that could help users 'feel' virtual objects in the metaverse. The Oculus virtual reality headset, Smart sunglasses in collaboration with Ray-Ban, and the Portal video-chatting device are likely just the beginning. Meta Platforms has already invested in a number of products that could eventually act as a gateway to the metaverse. you'll be able to socialize, learn, collaborate and play in ways that go beyond what's possible today.' Zuckerberg goes further, positing that there could be as many as 1 billion people joining the metaverse over the next 10 years.

Late last month, at a keynote address at the company's developer conference, CEO Mark Zuckerberg said, 'From now on we are going to be metaverse first, not Facebook.' Moving forward, Meta is turning its focus to building products and services that will usher in the era of the metaverse, describing it as, 'the next evolution of social connection. The company formerly known as Facebook signaled it was going all-in on the metaverse with its recent and highly publicized name change. No discussion regarding the metaverse would be complete without the inclusion of Meta Platforms.

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