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Reality Labs, a division of Meta dedicated to AR, VR and metaspace, only which completed its best quarter despite a multibillion-dollar streak of losses. Reality Labs generated more than $1 billion in revenue in the final quarter of 2023 thanks to its Quest headsets and Ray-Ban Meta smart glasses.
While breaking the $1 billion mark is a new milestone for the company's metaversion group, it is expected to continue to post significant losses for the foreseeable future. Reality Labs lost $4.6 billion this quarter, and will lose more than $16 billion in 2023. Meta CFO Susan Lee said those losses are expected “to increase significantly year over year due to our ongoing development efforts products in the field of augmented/virtual reality and our investments to further scale our ecosystem,” reports Engadget.
The fourth quarter, which covers the holiday shopping season, is typically the best period for virtual and augmented reality devices. On a call with analysts, Mark Zuckerberg suggested the company's smart glasses have been particularly successful, saying Ray-Ban maker EssilorLuxottica “plans to do more than we expected due to strong demand.” He added that Quest 2 and Quest 3 are “performing well,” calling Quest 3 “the most popular mixed reality device.”
Excluding Reality Labs, Meta had a strong quarter, reporting $40.1 billion at the end of 2023, bringing its total revenue for the year to just under $135 billion. Facebook's user base also grew to 2.1 billion daily active users (DAU). Susan Lee said the company is “moving away” from publishing the metric and will no longer report daily or monthly active Facebook users or “monthly household active people.”
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Meta's newest app, Threads, is still growing. The service has 130 million monthly users, up from fewer than 100 million last fall, Zuckerberg said. Zuckerberg also discussed his recently announced ambitions to create artificial general intelligence (AGI) at Meta, saying it will be a topic for future work on the company's products.
The next generation of services requires the creation of complete general intelligence. It is clear that we will need our models to be able to reason, plan, encode, remember and have many other cognitive abilities in order to provide better versions of the services we imagine.
,” Zuckerberg said.
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