Meta Platforms released its financial report for the second quarter of the year the other day. The social media giant, which reported revenues of $39.07 billion and net income of $13.46 billion in the quarter, continues to lose money on various virtual reality investments.
Meta Reality Labs reported a loss of $4.48 billion in the last quarter
Meta Platforms’ Reality Labs division, which focuses on developing metaverse, augmented reality (AR) and virtual reality (VR) technologies, is experiencing significant losses. The platform reported a loss of $3.73 billion in the same period last year, and another $4.48 billion in the last quarter.
Revenue from VR glasses and Ray-Ban smart glasses increased 28 percent to $ 353 million. However, Reality Labs has reported a loss of $ 46.54 billion since its establishment in 2020. This means it cost Meta dearly.
Excitement is building for the second GTA 6 trailer and fans have a good guess as to when it will be released. Here are the details!
Meta CFO Susan Li acknowledged the financial burden of Reality Labs. But she said they have big plans for the future of AR and VR glasses. She noted that Ray-Ban smart glasses are promising in terms of demand, usage and retention.
Despite mounting losses, CEO Mark Zuckerberg and Meta continue to invest heavily in Reality Labs. Thanks to earnings from services like Facebook and Instagram, Meta is able to absorb the financial impact.
Reality Labs will continue to expand its research and product development activities. This means that financial losses will grow every quarter.
