Meta’s Reality Labs loses record $4.65 billion ahead of Apple's Vision Pro launch
Publishing timestamp: 2024-02-01 16:29:38
Summary
Meta's Reality Labs unit reported over $1 billion in sales but recorded a significant operating loss of $4.65 billion in the fourth quarter. This comes as Apple enters the metaverse market with its Vision Pro headset. The VR and AR market saw a 40% sales drop in 2023, and Meta continues to invest billions into developing the metaverse. Apple's headset is priced significantly higher than Meta's, and Meta's metaverse division has now lost over $42 billion since the end of the first quarter of 2020.
Sentiment: NEGATIVE
Keywords: mark zuckerberg, technology, breaking news: technology, earnings, apple inc, internet, business news, mobile, meta platforms inc,