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.
Meta* earned more than $36.5 billion in the first three months of 2024, up 27% from the same period in 2023, but less than the 30% growth achieved by Reality Labs, which had revenue of $440 million.
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 more than a billion dollars a month.
Even so, the company warns that the trend recorded monthly since June 2022 will continue as it significantly increases investments in the development of new virtual/augmented reality products or in expanding the ecosystem.
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Cover author: Meta*. Cover source: Gamesindustry
* Meta (and its products) identified as extremist and a terrorist organization on the territory of the Russian Federation