BlockBeats news, on October 31, according to financial reports, the latest financial report of the American technology giant Meta showed that its Metaverse business is still losing billions of dollars every quarter. Meta announced its third-quarter earnings on Wednesday, saying its Reality Labs unit, which develops augmented reality and virtual reality technology, suffered an operating loss of $4.43 billion. The loss was slightly smaller than analysts’ expectations of $4.68 billion.
Reality Labs’ third-quarter revenue rose 29% year-on-year to $270 million, below analysts’ expectations of $310.4 million. Reality Labs makes money primarily from selling Meta’s Quest VR headset and Ray-Ban Meta smart glasses.
Meta first entered the VR market in 2014, when the company was still known as Facebook, and acquired VR startup Oculus for $2 billion. Meta CEO Mark Zuckerberg believes that developing VR and AR technology can make the company a leader in the next major personal computing platform. The investment has been costly for Meta. Since 2020, Reality Labs has accumulated operating losses of more than $58 billion.