Meta (META) CEO Mark Zuckerberg said he was still optimistic about the metaverse on a longer, “five-to-ten-year horizon” at the New York Times Dealbook Summit in New York City on Wednesday.

"The way we communicate gets richer and more immersive,” Zuckerberg said via a virtual interview, doubling down on his company’s bet on a virtual and augmented reality-dominated future. The company has come under criticism for generating billions of dollars of losses as it builds out its version of the metaverse.

However, Zuckerberg admitted that Meta would need to operate with “more efficiency and discipline” in the near term as macroeconomic woes have forced the company to scale back on spending.

(by Tracy Wang)