Meta's Reality Labs reports $4.4 billion loss in Q3

Despite Facebook's parent company Meta successfully introducing the Orion AR glasses in September, the social media giant is still losing billions of US dollars each quarter developing this nascent "super universe."

Meta reported its third-quarter earnings yesterday (October 30), stating that its Reality Labs unit – the company developing augmented reality and virtual reality technology – recorded an operating loss of $4.4 billion. Analysts surveyed by StreetAccount predicted the unit would report an operating loss of $4.68 billion.

Meta's Reality Labs reported a $4.4 billion loss in the third quarter.

Reality Labs' revenue increased 29% year-over-year to $270 million in the third quarter, falling short of analysts' expectations of $310.4 million. Reality Labs primarily earns money through sales of Meta's Quest VR headset and Meta's Ray-Ban smart glasses.

Meta first entered the VR market in 2014 when it was still called Facebook and acquired the VR startup Oculus for $2 billion.

Facebook co-founder and Meta CEO Mark Zuckerberg believes that developing VR and AR technologies could position the company as a leader in what is considered the next personal computing platform.

This investment has been very costly for Meta. Following the company's earnings report on Wednesday, Reality Labs has lost more than $58 billion since 2020.

All of those expenditures were accounted for when Zuckerberg showcased the Orion device at the company's annual Connect conference in September.

Orion has generated excitement and boosted morale within Meta regarding Zuckerberg's ambitious plans. Meta hopes to capitalize on the unexpected success of its Ray-Ban Meta smart glasses, developed in partnership with eyewear giant EssilorLuxottica, and introduce Orion AR glasses to consumers in the future after the company invites developers to build apps for the device next year.

Also in September, Meta released its latest VR headset, the Quest 3S, touting it as a more affordable way for consumers to experience VR, starting at $299. Last year, Meta released the more powerful Quest 3 VR headset, which started at $499.

(Source: CNBC)

Source: https://www.baogiaothong.vn/reality-labs-cua-meta-bao-lo-44-ty-do-la-trong-quy-3-192241031130211348.htm