Meta’s second quarter earnings report released
Reality Labs has reported its largest annual loss to date, totaling $7.7 billion. Meta’s metaverse-related losses surpassed $3.74 billion, with the company investing $7.7 billion in its virtual reality operations in 2023.
The second-quarter report, published on July 26, indicated that Meta’s core revenue rose 11% year-on-year, reaching $31.9 billion.
Meanwhile, Metaverse-focused Reality Labs exceeded $276 million in revenue. Meta had previously forecasted an increase in Reality Labs’ losses for 2023, attributing the larger losses to virtual reality product development activities and metaverse investments.
In the first quarter of 2023, Meta stated that Reality Labs suffered a loss of $3.9 billion while recording revenue of $339 million.
Following the report, Meta’s stock prices saw an increase, reaching $320, a rise of 7%, according to Google Finance data.
Meta’s shares have appreciated almost 140% since the beginning of the year. Nevertheless, it remains below its September 2021 high of $378.
