Meta’s Reality Labs Experience $2.9 Billion Loss in its Metaverse Project
Zuckerberg stays optimistic about his goals in building the metaverse, even though Reality Labs, Meta’s team of experts developing virtual and augmented reality, experienced income losses.
Reality Labs lost $2.96 billion in Q1 2022 compared with a loss of $1.83 billion a year ago in Q1 2021. On the other hand, the unit earned $695 million during the first quarter of this year, an increase from $534 million in Q1 2021.
"I recognize it’s expensive to build this, it’s something that’s never been built before. And it’s a new paradigm for computing and social connection,"
Zuckerberg wrote.
Reality Labs focuses on building metaverse-related consumer hardware, software, and content.
Meta’s most promising metaverse item with the most profits is the headset. Over 2 million people downloaded the Meta Quest 2 app during the holidays. However, the new, premium headset will be “focused on work use cases and eventually replacing your laptop or work setup.”
On The Flipside
- Despite the financial loss in the metaverse project, the company’s stock has soared.
- In 2021, Meta spent $27 million on Zuckerberg’s security.
Read more: https://dailycoin.com/metas-reality-labs-experience-2-9-billion-loss-in-its-metaverse-project/
Text source: DailyCoin.com
