According to PANews, Meta's first quarter 2021 earnings report released on Wednesday showed that its metaverse division Reality Labs had revenue of $440 million, accounting for only about 1% of Meta's total revenue, an increase of about 30% year-on-year. However, Reality Labs had an operating loss of $3.85 billion in the quarter, and Reality Labs has accumulated losses of more than $45 billion since Meta began reporting the business unit separately at the end of 2020.

In the company's earnings conference call, Meta CEO Zuckerberg said the company will continue to focus on operating other businesses efficiently while expanding capital expenditures and energy spending on artificial intelligence. He also said that even if many existing resources are transferred to artificial intelligence, the scope of investment will be meaningfully expanded before a large amount of revenue is generated from new products.

Meta announced Monday that it will work with third-party hardware companies to develop new VR headsets that use the same Meta Horizon operating system as the Quest headset.