Meta announced in its earnings report released today that it has lost $2.8 billion in the metaverse department.
According to the report published by Meta, the Facebook Reality Labs (FRL) division, which includes augmented and virtual reality operations, saw a loss of $ 2.81 billion in the second quarter. Analysts had forecast a loss of $3.67 billion for this quarter.
Although FRL generated $695 million in revenue in the first quarter, that revenue remained at $452 million in the second quarter. That’s a tiny fraction of Meta’s $28.4 billion in total revenue.
The company stressed that it expects Reality Labs revenue to be lower in the third quarter than in the second quarter. The CEO of the company, Mark Zuckerberg, stated that they are more focused on metaverse and reals growth.
Zuckerberg said during the first quarter report that the company’s metaverse arm has laid a very successful foundation for the 2030s.