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

Despite Facebook parent company Meta successfully launching its AR glasses, the Orion, in September, the social media giant is still losing billions of dollars each quarter while developing the fledgling "super-spaceship."

Meta reported third-quarter earnings yesterday (October 30), saying its Reality Labs unit, which develops augmented and virtual reality glasses, posted an operating loss of $4.4 billion. Analysts surveyed by StreetAccount had expected the unit to 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 rose 29% year over year to $270 million in the third quarter, below analysts' expectations of $310.4 million. Reality Labs makes money primarily through sales of Meta's Quest VR headset and Ray-Ban Meta smart glasses.

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

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

The investment has been costly for Meta. After the company reported earnings on Wednesday, Reality Labs has lost more than $58 billion since 2020.

All of that spending came to a head when Zuckerberg showed off the Orion device at the company's annual Connect conference in September.

Orion has generated excitement and helped boost spirits within Meta about Zuckerberg’s ambitious plans. Meta hopes to capitalize on the unexpected success of its Ray-Ban Meta smart glasses, developed with eyewear giant EssilorLuxottica, and introduce consumers to its future Orion AR glasses after inviting 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