Meta* released a fresh financial report showing that it continued to lose a lot of money during the first three months of 2024 due to its virtual and augmented reality efforts in its Reality Labs division.
In the first three months of 2024, Meta* earned more than $36.5 billion, up 27% from the same period in 2023, but less than the 30% growth achieved by Reality Labs, which had $440 million in revenue. dollars.
However, Meta*’s Reality Labs lost $3.85 billion, slightly less than the amount it lost in the same period in 2023. This means Meta is losing over a billion dollars a month.
Despite this, the company warns that the trend recorded monthly since June 2022 will continue as it significantly increases investment in developing new VR/AR products or expanding the ecosystem.
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Cover author: Meta*. Cover Source: Gamesindustry
* Meta (and its products) is recognized as an extremist and terrorist organization on the territory of the Russian Federation
Tags: Meta losing billion dollars month virtual reality continue invest
