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.
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.
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