In its second-quarter report, Meta reported a loss of $4.48 billion for its metaverse division Reality Labs.
The division’s cumulative losses since the end of 2020 are estimated at more than $50 billion, including.
“A few years ago, I would have predicted that holographic AR would arrive before smart AI, but now it looks like those technologies will be ready in reverse order. We’re well-prepared for that with the investment we’ve already made in Reality Labs,” Meta CEO Mark Zuckerberg said on the earnings call.
Reality Labs’ cumulative losses have exceeded $50 billion since the end of 2020, CNBC reported, underscoring CEO Mark Zuckerberg’s massive investment in developing new hardware and software that he says will power the next era of personal computing. Reality Labs’ second-quarter revenue, driven largely by sales of the Quest family of VR headsets and Ray-Ban Meta smart glasses, was $353 million, up 28 percent from the $276 million it earned a year earlier in the same period. Analysts had expected the unit to report a profit of $371 million.
Let us recall that the media learned about the desire of Zuckerberg’s company to cut the budget of the metaverse division by 20%.
