9 months ago
58 Meta reported second-quarter earnings connected Wednesday and said that its Reality Labs unit, which develops virtual world and augmented world technologies needed to powerfulness the metaverse, logged a $3.7 cardinal operating loss.
The portion recorded $276 cardinal successful second-quarter sales, down from the $339 cardinal successful gross it brought during the archetypal quarter. Analysts polled by StreetAccount were projecting Reality Labs to grounds $421 cardinal successful income disconnected $3.5 cardinal successful operating losses.
Shares of Meta were up astir 5% aft it reported an 11% popular successful gross arsenic advertizing rebounded and the institution issued an uplifting income forecast for the 3rd quarter. It shows that Meta is inactive precise overmuch an advertisement institution with a large outgo center.
Last year, Meta's Reality Labs portion lost a full of $13.7 billion portion bringing successful $2.16 cardinal successful revenue, which is driven successful portion by the company's income of Quest-branded VR headsets. Reality Labs mislaid $3.99 cardinal during the archetypal quarter. That puts its full losses astatine astir $21.3 cardinal since the opening of past year.
Meta said successful its net study that it expects operating losses successful its Reality Labs portion "to summation meaningfully year-over-year owed to our ongoing merchandise improvement efforts successful augmented reality/virtual world and investments to further standard our ecosystem."
In June, Meta announced a VR subscription work dubbed Meta Quest+, which costs $7.99 a period and is compatible with the company's Quest 2, Quest Pro and upcoming Quest 3 headsets. The subscription work lets radical entree 2 caller VR games each month, and they volition beryllium capable to play those games arsenic agelong arsenic they person progressive subscriptions.
Also successful June, Zuckerberg revealed details astir the Quest 3 headset conscionable days earlier Apple announced its Vision Pro VR and AR headset that volition outgo a whopping $3,499 erstwhile it is released successful 2024. The Quest 3 volition beryllium sold astatine a terms starting astatine $499 and is 40% thinner than the Quest 2 and volition incorporate a next-generation Qualcomm chipset, the institution said.
Watch: Snapchat+, a subscription-based gross stream, has deed 4 cardinal subscribers
