In yesterday's report on the first quarter earnings, Meta announced that its virtual and augmented reality division, Reality Labs, posted an operating loss of $3,99 billion. The same division (Metaverse) brought in just $339 million in revenue.
CNBC he says:
The numbers show a slowdown from last quarter, when Reality Labs lost $4,28 billion on revenue of $727 million. For all of last year, Reality Labs posted an operating loss of $13,72 billion on sales of $2,16 billion, underscoring how VR and AR technologies have yet to become mainstream.
Despite Reality Labs' operating losses, Meta reported first-quarter net income of $5,71 billion, or $2,20 a share, with revenue rising less than 3% to $28,65 billion from $27,91 billion dollars that it was a year ago. That sent its stock jumping more than 10% in Wednesday trading.
Facebook had 2,04 billion daily active users, up 5% from a year ago, and Meta's "family" of apps — which includes Instagram — reported daily active users of 3,02 billion, an increase of the order of 4%", he says MarketWatch.
