![](https://b3454886.smushcdn.com/3454886/wp-content/uploads/2022/11/Meta-and-Europe-differ-on-Metaverse-780x470.png?lossy=2&strip=1&webp=1)
Meta’s Q2 Earnings Report Revealed
Reality Labs has recorded its highest annual loss so far, amounting to $7.7 billion. Meta’s losses related to the metaverse exceeded $3.74 billion, with the company investing $7.7 billion in its virtual reality operations in 2023.
The second-quarter report, released on July 26, showed that Meta’s core revenue increased by 11% year-over-year, reaching $31.9 billion.
In the meantime, the metaverse-focused Reality Labs generated revenue of over $276 million. Meta had previously predicted an increase in Reality Labs’ losses for 2023, attributing the heightened losses to development activities for virtual reality products and metaverse investments.
![Meta's Q2 Earnings Report Revealed](https://b3454886.smushcdn.com/3454886/wp-content/uploads/2023/07/19a37c71-eddb-4256-aab4-83452b3a1724-1024x619.webp?lossy=2&strip=1&webp=1)
In the first quarter of 2023, Meta reported that Reality Labs experienced a loss of $3.9 billion while achieving revenue of $339 million.
Following the report, Meta’s stock prices experienced a rise, reaching $320, an increase of 7%, according to data from Google Finance.
Meta’s shares have risen almost 140% since the start of the year. However, they remain below their September 2021 peak of $378.
You may also like this content
- Apple is working on “augmented reality” glasses
- Apple Vision Pro Update: Introducing visionOS 2
- Sony Announces PC Support for PS VR2
Follow us on TWITTER (X) and be instantly informed about the latest developments…