Meta reported second-quarter earnings on Wednesday and said that its Reality Labs unit, which develops virtual reality and augmented reality technologies needed to power the metaverse, logged a $3.7 billion operating loss.
The unit recorded $276 million in second-quarter sales, down from the $339 million in revenue it brought during the first quarter. Analysts polled by StreetAccount were projecting Reality Labs to record $421 million in sales and $3.5 billion in operating losses.
Metaverse Results Keep Getting Worse At Meta
Meta expects its metaverse-related costs to "increase meaningfully" for another year following its Q2 results.
Overall, the company reported quarterly revenue of $32 billion, up 11% from last year and beating Wall Street expectations of $31.1 billion, according to data compiled by Bloomberg. The increased sales helped boost earnings per share to $1.98, up 21% from 2022.
Meta's AR/VR Business Lost $7.7 Billion in the Past 6 Months - CNET
It comes ahead of the company launching its new VR headset, the Quest 3 , which is due to be released this fall .
The Quest 3 VR headset will start at $499. It will have a smaller size, a faster processor, improved controllers, and more color cameras to improve the mixed reality experience for VR games and apps.
Augmented and Virtual Reality in Education Market worth $14.2 billion by 2028 - Exclusive Report ...
The software segment accounted for the larger market share in 2028. The growth of software AR and VR in education is supported by technological advancements and cost reductions.
By device type: projectors & displays device type to account for a larger market share in the forecasted year.
Global Virtual Reality Headset Market Size Reaches $9.4 Billion in 2022, Expected to Reach $33.1 ...
The global virtual reality headset market reached a size of $9.4 billion in 2022, according to a recent report by IMARC Group.
A virtual reality (VR) headset is a device that immerses users in a simulated environment through visual and auditory stimulation. It typically consists of a head-mounted display (HMD) that covers the user’s eyes and displays stereoscopic images or videos.
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