Meta: lost 4 billion to Metaverse in the first quarter

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.

metaverse

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.

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Written by giorgos

George still wonders what he's doing here ...

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