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Meta’s Reality Labs division is losing billions of dollars with each passing quarter, and it is not clear when the division will start to generate significant revenue. Meta’s Reality Labs division, which is responsible for developing and launching metaverse products and services, lost $3.7 billion in the third quarter of 2023, according to the numbers revealed by Meta in its quarterly results.This is up from the $2.8 billion loss in the second quarter and the $2.9 billion loss in the first quarter.
The company has been investing heavily in Reality Labs in recent years, as CEO Mark Zuckerberg has said that he believes the metaverse is the future of the internet. However, the division has yet to generate any significant revenue, and its losses continue to mount.
In the third quarter of 2023, Reality Labs brought in just $285 million in revenue, down 26% from the same period a year ago. The numbers do show that metaverse is far from going mainstream and the products and service Meta is offering haven’t clicked with them.
In the past, Zuckerberg has said that he is willing to lose money on Reality Labs for several years in order to build the infrastructure and platform that will be needed for the metaverse to succeed.
Losses continue to pile
Meta’s Reality Labs division has been losing money since it was launched in 2019. In 2021, the division lost $10.2 billion. In 2022, the division lost $13.7 billion.
It is possible that Meta’s investment in Reality Labs will eventually pay off, but on the other hand it is a possibility that the metaverse will never become as popular as Zuckerberg hopes it will. So farm it hasn’t really paid and Meta continues to bleed billions of dollars. Meta and Zuckerberg would be hoping that the tide turns in their favour soon.
The company has been investing heavily in Reality Labs in recent years, as CEO Mark Zuckerberg has said that he believes the metaverse is the future of the internet. However, the division has yet to generate any significant revenue, and its losses continue to mount.
In the third quarter of 2023, Reality Labs brought in just $285 million in revenue, down 26% from the same period a year ago. The numbers do show that metaverse is far from going mainstream and the products and service Meta is offering haven’t clicked with them.
In the past, Zuckerberg has said that he is willing to lose money on Reality Labs for several years in order to build the infrastructure and platform that will be needed for the metaverse to succeed.
Losses continue to pile
Meta’s Reality Labs division has been losing money since it was launched in 2019. In 2021, the division lost $10.2 billion. In 2022, the division lost $13.7 billion.
It is possible that Meta’s investment in Reality Labs will eventually pay off, but on the other hand it is a possibility that the metaverse will never become as popular as Zuckerberg hopes it will. So farm it hasn’t really paid and Meta continues to bleed billions of dollars. Meta and Zuckerberg would be hoping that the tide turns in their favour soon.
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