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Meta's Metaverse Division Reports Losses Despite Impressive Revenue

02/02/2024 06:20

According to Blockworks, Meta's metaverse division, Reality Labs, reported losses of approximately $4.6 billion, despite generating over $1 billion in revenue last quarter. This revenue marks a significant increase from the $727 million reported in the same period a year earlier. The company attributed the third-quarter revenue to sales of the Quest 3, its latest virtual reality headset, during the holiday season. For the 12-month period ending December 31, the unit reported losses totaling $16.1 billion. CEO Mark Zuckerberg highlighted the progress made in advancing AI and the metaverse. However, the company also warned in its earnings that it expects operating losses to increase meaningfully year-over-year due to ongoing product development efforts in augmented reality/virtual reality and investments to further scale its ecosystem. This warning is consistent with previous quarterly reports. Zuckerberg emphasized the company's continued investment in AI and the metaverse during the Thursday earnings call. Meta reiterated its focus on its metaverse vision last year, making its ambitions clear when it changed its name from Facebook to Meta in 2021. In July of last year, Zuckerberg warned that he 'can't guarantee' that he's 'going to be right about this bet,' but believes it's the direction the world is heading.

Bullish

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