Meta lost $2.8 billion in its virtual reality division in Q2 2022.
July 28, 2022
Meta reported a loss of $2.81 billion on $452 million in revenue from its virtual reality division, Reality Labs, in the second quarter of this financial year.
Meta continues to spend heavily on its metaverse division despite registering massive consecutive quarterly losses.
Mark Zuckerberg believes metaverse is the future and the company is willing to invest in it irrespective of short term gains.
Meta announced to release more advanced goggles later this year that will use cameras on the front of the device to “pass through” the real world to the user inside the headset.
The social media giant has also spent heavily on acquiring VR companies and startups that develop core headset technologies.
The US Federal Trade Commission is suing Meta for allegedly buying up its competition and trying to monopolize the industry.
The US Federal Trade Commission is suing Meta for allegedly buying up its competition and trying to monopolize the industry.