PANews reported on October 31 that according to financial reports, the latest financial report of 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, saying that its Reality Labs division, which develops augmented reality and virtual reality technology, suffered an operating loss of $4.43 billion. The loss was slightly smaller than the $4.68 billion expected by analysts surveyed by StreetAccount.
Reality Labs, which makes money primarily from sales of Meta’s Quest VR headset and Ray-Ban Meta smart glasses, saw its third-quarter revenue rise 29% year-over-year to $270 million, below analysts’ expectations of $310.4 million.
Meta first entered the VR market in 2014 when it was still called Facebook and acquired VR startup Oculus for $2 billion. Meta CEO Mark Zuckerberg believes that developing VR and AR technologies can make the company the leader of the next major personal computing platform. The investment was costly for Meta. Since 2020, Reality Labs has accumulated operating losses of more than $58 billion.
