Meta's Reality Labs Reports $440 Million Revenue in Q1, Despite Operating Losses

According to PANews, Meta's first quarter earnings report, released on Wednesday, revealed that its metaverse division, Reality Labs, generated a revenue of $440 million. This figure represents approximately 1% of Meta's total income, marking a year-on-year growth of about 30%. However, Reality Labs reported an operating loss of $38.5 billion for the same quarter. Since the end of 2020, when Meta began reporting this business division separately, Reality Labs has accumulated losses exceeding $45 billion. During the company's earnings call, Meta's CEO, Mark Zuckerberg, stated, 'As we increase our capital expenditure and energy expenditure on artificial intelligence, we will continue to focus on efficiently operating the company's other businesses. In fact, even as we shift many existing resources to artificial intelligence, we will meaningfully expand our investment scope before we derive substantial income from these new products.' On Monday, Meta announced its plans to collaborate with third-party hardware companies to develop new VR headsets, using the same Meta Horizon operating system as the Quest headsets.