- The division’s total loss for the last five quarters was $17.7 billion.
- The company’sCEO predicted losses will increase in the future.
- Despite this Reality Labs will continue to develop the meta universe.
In the second quarter (Q2) of 2023, Reality Labs – Meta’s virtual reality and meta universe-focused division suffered a loss of about $3.7 billion. The division’s profit in Q2 of this year was $276 million; in the same period in 2022, that figure was $452 million.
But despite this, Meta CEO Mark Zuckerberg said the company will continue to invest in the meta universe for the long term.
“We expect operating losses for Reality Labs to grow year-over-year due to an active product development process in augmented and virtual reality, as well as investments to further scale our ecosystem,” Meta’s CEO said.
He added that he understands the discomfort many investors are feeling, but “this is a long-term approach”. Zuckerberg also emphasized that Meta continues to invest in artificial intelligence and the meta universe. He said these have been two top priorities for many years, overlapping and complementing each other.
In total, Meta earned about $7.79 billion for the quarter, up 16% from the same period last year. The company’s revenue grew by 11% to $32 billion.
In April 2023, Meta laid off 4,000 tech employees, including employees of Reality Labs.
The company’s revenue grew by 11% to $32 billion.