Meta's Reality Labs lost $3.99 billion last year, bringing its total losses since 2020 to $30 billion
It seems that no matter how much money Meta's Reality Labs unit loses, Mark Zuckerberg refuses to give up on the company's metaverse ambitions. In its first-quarter earnings report, Meta said Reality Labs, responsible for its metaverse-related tech, recorded a $3.99 billion operating loss. The latest figure means that since 2020, the division has lost a massive $30 billion.
Meta's first quarter was better than expected overall. Sales were up 3% while its $28.65 billion revenue beat analysts' expectations. The company also issued upbeat guidance for the second quarter.
But a less welcome part of the report is related to Meta's Reality Labs division, which once against lost money: $3.99 billion during the three months. That adds to the $14 billion it lost across last year and brings the total loss since Q4 2020 to an eye-watering $30 billion. The only solace for Zuckerberg is that the most recent losses weren't as bad as the $4.3 billion it lost during the previous quarter.
Source and more: https://www.techspot.com/news/98475-meta-metaverse-focused-reality-labs-lost-399-billion.html
It seems that no matter how much money Meta's Reality Labs unit loses, Mark Zuckerberg refuses to give up on the company's metaverse ambitions. In its first-quarter earnings report, Meta said Reality Labs, responsible for its metaverse-related tech, recorded a $3.99 billion operating loss. The latest figure means that since 2020, the division has lost a massive $30 billion.
Meta's first quarter was better than expected overall. Sales were up 3% while its $28.65 billion revenue beat analysts' expectations. The company also issued upbeat guidance for the second quarter.
But a less welcome part of the report is related to Meta's Reality Labs division, which once against lost money: $3.99 billion during the three months. That adds to the $14 billion it lost across last year and brings the total loss since Q4 2020 to an eye-watering $30 billion. The only solace for Zuckerberg is that the most recent losses weren't as bad as the $4.3 billion it lost during the previous quarter.
Source and more: https://www.techspot.com/news/98475-meta-metaverse-focused-reality-labs-lost-399-billion.html