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Meta's Reality Labs posts $3.85 billion loss in first quarter - TL;DR CNBC

Meta's Reality Labs posts $3.85 billion loss in first quarter

Publishing timestamp: 2024-04-24 18:10:12


Summary

Mark Zuckerberg's company Meta continues to report billions of dollars in losses every quarter due to investments in the metaverse. Despite competition with Apple in the virtual reality market, Meta's Reality Labs unit recorded a $3.85 billion operating loss in the first quarter. Revenue in the metaverse division was $440 million, representing only around 1% of Meta's total sales. Developing metaverse technology remains a costly effort, with Meta unveiling new VR headsets and partnering with third-party hardware companies. Analysts were expecting higher losses and sales for the quarter.


Sentiment: NEGATIVE

Tickers: METAAAPL

Keywords: meta platforms incapple incbusiness newstechnologymark zuckerbergbreaking news: technology

Source: https://www.cnbc.com/2024/04/24/metas-reality-labs-posts-3point85-billion-loss-in-first-quarter.html


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