Meta just had its best quarter since 2021, even as it continues to lose massive amounts of money on the metaverse. In fact, the company said it expects to lose even more money on its efforts in the year to come.
Reality Labs, the Meta division overseeing its virtual and losses-yet-achieves-best-quarter-since-2021.html” title=”Meta's Metaverse Incurs Greater Losses, Yet Achieves Best Quarter Since 2021″>augmented reality projects, lost $3.7 billion during the second quarter of 2023 and generated just $276 million in revenue, according to the company’s latest earnings report. And the company, once again, said it expects its metaverse spending to accelerate. CFO Susan Li said that Meta is expecting Reality Labs’ losses to “increase meaningfully” compared with last year, when it lost more than $13 billion on the efforts.
Meta CEO Mark Zuckerberg tried to downplay the significance of the losses. “We remain fully committed to the metaverse vision,” he said during the company’s earnings call. When pressed for more details on the company’s metaverse spending, he pointed to the upcoming Quest 3 headset, which…
2023-07-26 18:19:25
Original from www.engadget.com rnrn