The Q2 earnings call for Meta is finally out and the company did outline how revenue figures did exceed the company’s own expectations.
But the same cannot be said for Meta’s Reality Labs division which was struct with significant losses that don’t seem to be ending any time soon. For those who might not be aware, the Reality Labs unit is famous for all sorts of AR and VR Technologies.
These are designed to support the company’s famous metaverse vision, but the stats outlined so far showed a loss worth $3.7 billion in operations so far.
The unit did manage to record sales of $276 million in Q2 but that’s a huge drop from the $339 million figure for revenue that it outlined during Q1. Moreover, let’s not forget how analysts also put out forecasts for sales revenue to hit the $421 million mark while losses were forecasted to be around $3.5 billion.
Coming down to the firm’s shares, these showed a 5% rise after showing an 11% increase in revenue with advertising rebounding and the firm putting out a sales forecast that pertains to the upcoming third quarter. This is slowly revealing how the company is still at the lead as an advertising firm that has a huge cost center.
In the past year, the company’s Reality Labs division lost a staggering $13.7 worth of funds while it tried to tag on to the goal of bringing revenue worth $2.1 billion. This was brought about a little by the sale of Meta’s Quest headsets that have to do with VR technology.
In Q1, Reality Labs lost revenue worth $3.9 billion and as a whole, the net losses have reached the whopping $21.3 billion mark since the start of 2022.
Tech giant Meta mentioned during the earnings report how it hopes the losses incurred in this division are all set to rise in a meaningful manner YoY due to great development in product launches for the AR/VR domain. Similarly, more investments are expected to arise along the way, further causing a boost in the ecosystem as well.
Last month, the tech giant launched a subscription called Meta Quest+ where VR users would be requested to jet out $7.99 on a monthly basis. This product would show compatibility with other similar products in the Meta VR line including Quest 2 and Quest Pro as well as more headsets launches set to arise for Quest 3.
The service also provides access to the latest VR game on a monthly basis so users can enjoy that if they’ve already got active subscriptions in place.
It was also last month that we saw the Meta CEO delineate more details regarding its Quest 3 headset which was a smart call as it arose just a few days before leading iPhone maker Apple put its Vision Pro headsets on display at a staggering cost of $3500. The latter is set for release next year.
Read next: The Dark Side of Threads: A Privacy Nightmare!
But the same cannot be said for Meta’s Reality Labs division which was struct with significant losses that don’t seem to be ending any time soon. For those who might not be aware, the Reality Labs unit is famous for all sorts of AR and VR Technologies.
These are designed to support the company’s famous metaverse vision, but the stats outlined so far showed a loss worth $3.7 billion in operations so far.
The unit did manage to record sales of $276 million in Q2 but that’s a huge drop from the $339 million figure for revenue that it outlined during Q1. Moreover, let’s not forget how analysts also put out forecasts for sales revenue to hit the $421 million mark while losses were forecasted to be around $3.5 billion.
Coming down to the firm’s shares, these showed a 5% rise after showing an 11% increase in revenue with advertising rebounding and the firm putting out a sales forecast that pertains to the upcoming third quarter. This is slowly revealing how the company is still at the lead as an advertising firm that has a huge cost center.
In the past year, the company’s Reality Labs division lost a staggering $13.7 worth of funds while it tried to tag on to the goal of bringing revenue worth $2.1 billion. This was brought about a little by the sale of Meta’s Quest headsets that have to do with VR technology.
In Q1, Reality Labs lost revenue worth $3.9 billion and as a whole, the net losses have reached the whopping $21.3 billion mark since the start of 2022.
Tech giant Meta mentioned during the earnings report how it hopes the losses incurred in this division are all set to rise in a meaningful manner YoY due to great development in product launches for the AR/VR domain. Similarly, more investments are expected to arise along the way, further causing a boost in the ecosystem as well.
Last month, the tech giant launched a subscription called Meta Quest+ where VR users would be requested to jet out $7.99 on a monthly basis. This product would show compatibility with other similar products in the Meta VR line including Quest 2 and Quest Pro as well as more headsets launches set to arise for Quest 3.
The service also provides access to the latest VR game on a monthly basis so users can enjoy that if they’ve already got active subscriptions in place.
It was also last month that we saw the Meta CEO delineate more details regarding its Quest 3 headset which was a smart call as it arose just a few days before leading iPhone maker Apple put its Vision Pro headsets on display at a staggering cost of $3500. The latter is set for release next year.
Read next: The Dark Side of Threads: A Privacy Nightmare!
