Meta Continues to Invest in Metaverse, Reality Labs Loses $4.4 Billion

Meta continues to pour cash into the metaverse, which is formed round digital actuality and augmented actuality applied sciences.

The corporate introduced its third-quarter earnings and reported that its Actuality Labs division recorded $470 million in gross sales income throughout this era, whereas posting an working lack of $4.4 billion.

Wall Avenue had anticipated Actuality Labs to report an working lack of $5.1 billion on $316 million in income.

The Actuality Labs unit is answerable for growing the corporate’s household of Quest-branded digital actuality headsets and the Ray-Ban and Oakley AI good glasses, developed in partnership with eyewear big EssilorLuxottica.

The corporate’s Actuality Labs division has recorded whole losses of over $70 billion for the reason that finish of 2020.

Chief Monetary Officer Susan Li mentioned Meta expects Actuality Labs income within the fourth quarter to be decrease than the identical interval final yr. Li famous that is partly as a result of the corporate is just not introducing a brand new digital actuality headset in 2025.

CEO Mark Zuckerberg launched the $799 Meta Ray-Ban Show glasses in September. These are the corporate’s first consumer-ready AI glasses that includes a built-in show and a neural-technology wristband.

EssilorLuxottica reported in its earnings name this month that the AI glasses boosted gross sales within the third quarter.

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