Meta’s Reality Labs lost over $4 billion in first quarter
In Meta's first-quarter earnings report, the company said Reality Labs recorded an operating loss of over $4 billion while bringing in $402 million in sales.
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As Meta pumps increasing amounts of cash into artificial intelligence, the company's metaverse efforts continue to bleed money. In its first-quarter earnings report on Wednesday, Meta revealed that its Reality Labs division recorded an operating loss of $4.03 billion while bringing in $402 million in sales. Wall Street was projecting a loss of $4.82 billion on $488.8 million in first-quarter revenue.Meta's Reality Labs unit, which builds virtual reality and augmented reality technology as well as wearable devices, has accumulated over $80 billion in total operating losses since late 2020. Facebook founder Mark Zuckerberg changed the company's name to Meta in 2021, reflecting his view that work and play would move to the virtual world.
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