Meta lost $3.7 billion throughout the last quarter trying to birth the metaverse within its Reality Labs department.
The business’s financial report for the third-quarter ended September 30, 2023, reveals Reality Labs–the combined truth department that homes the business previously understood as Oculus–posted an operating loss of $3.74 billion throughout the quarter. That’s a significant year-over-year boost on the $2.63 billion loss it published in Q32022
The havingahardtime department hasactually tape-recorded $11.4 billion in losses throughout the present financial year while earning simply $825 million in profits. $210 million that overall was accumulated throughout Q3, representing a 20 percent decrease year-on-year. Meta stated lower Quest 2 sales were accountable for that dip.
Commenting on the existing state of the department, Meta CFO Susan Li stated the business anticipates losses to “increase meaningfully year-over-year due to our continuous item advancement efforts in increased truth/virtual truth and our financialinvestments to evenmore scale our environment.”
Expanding on those remarks in an incomes call, Li stated the bulk of expenses sustained by Reality Labs are “direct expenses in headcount, operating expenditures, and item COGS (cost of items offered).”
She did, nevertheless, state that while Meta will continue investing in the department to “support the advancement of next-gen VR/AR items,” th