ChainCatcher News: Meta, the American tech giant, reported in its latest financial results that its metaverse business continues to lose billions of dollars each quarter. On Wednesday, Meta announced its third-quarter earnings, stating that its Reality Labs division, which develops augmented reality and virtual reality technologies, incurred an operating loss of $4.43 billion. The loss was slightly smaller than the $4.68 billion expected by analysts surveyed by StreetAccount.Reality Labs' revenue in the third quarter increased by 29% year-over-year, reaching $270 million. Reality Labs primarily generates revenue through the sale of Meta's Quest VR headsets and Ray-Ban Meta smart glasses. Since 2020, Reality Labs has accumulated an operating loss of over $58 billion.

ChainCatcher news, according to Cointelegraph, former Yuga Labs creative director of Bored Apes Yacht Club, Jeff Nicholas, will join Meta's Reality Labs as an executive producer for mixed reality entertainment experiences.It is reported that the main responsibilities of this position are "to serve as the key creative lead for teams responsible for leading complex development projects" and "to provide guidance for our entire social and interactive music, comedy, sports, and film/TV-related content."

ChainCatcher news, according to CNBC, Meta announced its Q2 2024 financial report on Wednesday, showing a revenue of $39.07 billion for the second quarter of this year, exceeding market expectations of $38.3 billion and up from $31.999 billion in the same period last year. Meanwhile, the company's metaverse division, Reality Labs, reported an operating loss of $4.48 billion, with analysts expecting a loss of $4.55 billion, compared to a loss of $276 million in the same period last year.Since the end of 2020, Reality Labs has accumulated losses of approximately $50 billion. Revenue for Reality Labs primarily comes from the Quest series VR headsets and Ray-Ban Meta smart glasses, generating $353 million, a 28% increase from $276 million in the same period last year. Meta's revenue for Q2 this year was $39.07 billion, exceeding market expectations of $38.3 billion and up from $31.999 billion in the same period last year. Meta stated that it still expects losses for the Reality Labs division in 2024.

ChainCatcher news, according to CNBC, Meta stated in its first-quarter earnings report that its virtual reality division Reality Labs had an operating loss of $3.85 billion, with revenue of $440 million, an increase of about 30% compared to $339 million in the same period last year, accounting for about 1% of Meta's total sales for the quarter. Since Meta began reporting this division separately at the end of 2020, the losses for Reality Labs have exceeded $45 billion.In addition, Meta announced that it will collaborate with third-party hardware companies to create new VR headsets using the same Meta Horizon operating system as the Quest headsets.

ChainCatcher news, the tech giant Meta reported its Q4 2023 results on February 1, showing that its metaverse division Reality Labs lost $4.65 billion last quarter, while revenue was nearly $1.1 billion. This is the largest quarterly operating loss for the division since Q4 2020, when Meta first included Reality Labs' financial data in its reports.Reality Labs' total revenue for 2023 was slightly below $1.9 billion, with over half of that revenue coming in the fourth quarter when it launched the Meta Quest 3. The total operating loss for 2023 was $16.1 billion, an increase of 17.5% year-over-year.Meta's Chief Financial Officer Susan Li stated that due to the development of AR and VR products and "further investments to expand the ecosystem," Reality Labs' losses are expected to "increase significantly year-over-year." Additionally, Meta's total revenue for 2023 was $134.9 billion, exceeding Wall Street research firm Zacks' expectations, and representing a 16% growth compared to 2022.

ChainCatcher news, according to Markets Insider, Meta's metaverse division Reality Labs has reached a total loss of $47 billion, a figure that exceeds Ford's market value (approximately $45 billion).Reality Labs lost less than $5 billion in 2019, over $10 billion in 2021, and nearly $14 billion in 2022. In addition, Meta stated in its recently released third-quarter report that it expects Reality Labs' operating losses to increase significantly in 2024.

ChainCatcher news, Meta announced its second-quarter financial report and stated that its Reality Labs division, which develops virtual reality and augmented reality technologies, incurred an operating loss of $3.7 billion. Last year, Reality Labs lost a total of $13.7 billion, with revenue of $2.16 billion, and combined with the $3.99 billion loss in the first quarter, its total loss since the beginning of last year reached approximately $21.3 billion.In its earnings report, Meta indicated that due to ongoing product development efforts in augmented reality/virtual reality and further investments to expand the ecosystem, Reality Labs' operating losses are expected to "increase significantly year-over-year." (source link)

ChainCatcher news, Meta recently released its unaudited financial report for the first quarter of the 2023 fiscal year ending March 31, which shows that the revenue of Reality Labs, Meta's metaverse division, was $339 million in the quarter, down from $695 million in the same period last year. Reality Labs reported a loss of $3.9 billion for the quarter, compared to a loss of $2.9 billion in the same period last year.Zuckerberg stated that the metaverse remains "the core of defining the future of social connections," but after the success of OpenAI's ChatGBT, it will also heavily rely on artificial intelligence as its "largest single investment." Zuckerberg also added that while the company is actively promoting its plans to utilize artificial intelligence, this does not mean the company is downplaying its metaverse vision. (source link)

ChainCatcher news, according to the Q4 2022 financial report released by Meta Platforms (META.O), Meta's Q4 2022 revenue was $32.165 billion, compared to market expectations of $31.529 billion; the net profit for Q4 2022 was $4.652 billion, while the market expected $6.077 billion.Among them, the core department of the metaverse strategy, Reality Labs, reported revenue of $727 million in Q4 2022, with a loss of $4.279 billion. Reality Labs had a total revenue of $2.123 billion for the entire year of 2022, a year-on-year decrease of 6.6%; the total loss for the year reached $13.72 billion, with losses further expanding.In terms of performance outlook, Meta expects Q1 2023 revenue to be between $26 billion and $28.5 billion, while the market expects $27.25 billion. In addition, Meta CEO Zuckerberg stated that Meta will conduct layoffs at the management level. (Jin Ten)

ChainCatcher news, citing analysts' predictions reported by The Block, stated that Meta's metaverse project Reality Labs lost $3.7 billion in the third quarter of 2022, and the loss in the fourth quarter is expected to jump to $4.4 billion, meaning that Reality Labs alone will lead to a total loss of $13.8 billion for Meta in the year.ChainCatcher previously reported that Meta's Chief Technology Officer and head of Reality Labs, Andrew Bosworth, stated that 20% of spending will be allocated to the metaverse project Reality Labs in 2023. (source link)

ChainCatcher news, Meta's Chief Technology Officer and head of Reality Labs, Andrew Bosworth, stated in a post on the company's official blog on Monday that Meta will continue the spending direction of the third quarter this year: 80% of investments will be used to support the core business "application suite," while the remaining 20% will still be allocated to the metaverse project Reality Labs. He mentioned that a 20% investment in future technologies is "a meaningful level of investment for a company committed to maintaining a leading position in one of the most competitive and innovative industries on Earth." (Bloomberg)