According to Meta, quarterly revenue will drop in 2022

The Meta Company, a leading provider of augmented reality (AR) technology, has announced that its revenue for the fourth quarter of 2022 was $9.2 million, down from $12.3 million in the same quarter last year.

The company blamed the revenue decline on lower sales of its Meta 2 AR headset, which was launched in 2016. In a statement, Meta said that it sold just 1,000 Meta 2 units in the fourth quarter, down from 2,000 units in the same quarter last year.

Meta also announced that it has appointed a new CEO, Doug Renert, who will replace outgoing CEO John Wu. Renert was previously the CEO of Oculus VR, a virtual reality (VR) company that was acquired by Facebook in 2014.

"I'm excited to join Meta and lead the company into its next phase of growth," Renert said in a statement. "Meta has a strong product roadmap and a talented team that is well-positioned to capitalize on the growing opportunities in the AR market."

Meta's revenue decline comes as the AR market is expected to grow in the coming years. According to a report from Digi-Capital, the AR market is expected to reach $198 billion by 2025.

Despite the revenue decline, Meta's stock price has remained relatively stable. The stock is down just 2% since the beginning of the year.