Deep Tide TechFlow News, on October 31, according to financial media reports, American tech giant Meta's latest financial report shows that its Reality Labs division, which develops augmented reality and virtual reality technologies, recorded an operating loss of $4.43 billion in the third quarter, slightly better than analysts' expectations of $4.68 billion. The division's revenue for the third quarter was $270 million, a year-on-year increase of 29%, but below the market expectation of $310.4 million. Reality Labs primarily generates revenue through the sale of Quest VR headsets and Ray-Ban Meta smart glasses.
Since entering the virtual reality market in 2014 with its $2 billion acquisition of VR startup Oculus, Meta has continuously ramped up its metaverse business. CEO Mark Zuckerberg believes that VR and AR technologies will become the next major computing platforms, but this vision has come at a significant cost, with Reality Labs accumulating losses exceeding $58 billion since 2020.