Meta continues to pour money into the metaverse, which is shaped around virtual reality and augmented reality technologies.
The company announced its third-quarter earnings and reported that its Reality Labs division recorded $470 million in sales revenue during this period, while posting an operating loss of $4.4 billion.
Wall Street had expected Reality Labs to report an operating loss of $5.1 billion on $316 million in revenue.
The Reality Labs unit is responsible for developing the company’s family of Quest-branded virtual reality headsets and the Ray-Ban and Oakley AI smart glasses, developed in partnership with eyewear giant EssilorLuxottica.
The company’s Reality Labs division has recorded total losses of over $70 billion since the end of 2020.
Chief Financial Officer Susan Li said Meta expects Reality Labs revenue in the fourth quarter to be lower than the same period last year. Li noted this is partly because the company is not introducing a new virtual reality headset in 2025.
CEO Mark Zuckerberg introduced the $799 Meta Ray-Ban Display glasses in September. These are the company’s first consumer-ready AI glasses featuring a built-in display and a neural-technology wristband.
EssilorLuxottica reported in its earnings call this month that the AI glasses boosted sales in the third quarter.
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