Meta's Metaverse Division Loses $3.7 Billion in Q2
Facebook, Instagram, and WhatsApp’s parent company, Meta, released its Q2 earnings report on Wednesday. According to the document, the firm’s metaverse di vision , Reality Labs, witnessed $3.7 billion in losses. Reality Labs works on virtual reality and augmented reality technologies to fuel Meta’s metaverse initiative. According to the earnings report, Reality Labs posted $276 million in revenue in Q2 2023. This represented a significant drop from Q2 2022 when it earned about $452 million. Nonetheless, the social media giant has said it still remains committed to metaverse development. Also Read: Apple Announces Vision Pro AR/VR Headset: How Will it Impact the Metaverse? Speaking in an earnings call, CEO Mark Zuckerburg stated, “As our investments in AI continue, we remain fully committed to the metaverse vision as well.” Zuckerburg further added that the company has been working on both AI and metaverse developments for many years in parallel an...