PANews October 31st news, according to Financial News, the latest financial report from the US technology giant Meta shows that its metaverse business is still losing billions of dollars every quarter. Meta released its third-quarter financial report on Wednesday, stating that its Reality Labs department, which develops augmented reality and virtual reality technologies, has incurred an operating loss of $4.43 billion. The loss is slightly smaller than the analysts’ expectation of $4.68 billion from the StreetAccount survey.
Reality Labs third-quarter revenue rose 29% year-on-year to $270 million, lower than analysts’ expectations of $3.104 billion. Reality Labs primarily makes money by selling Meta’s Quest VR headsets and Ray-Ban Meta smart glasses.
In 2014, Meta entered the VR market for the first time. At that time, the company was still called Facebook and acquired the VR startup Oculus for $2 billion. Meta CEO Mark Zuckerberg believes that developing VR and AR technologies can make the company a leader in the next major personal computing platform. This investment has been costly for Meta. Since 2020, Reality Labs has accumulated operating losses of over $58 billion.
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