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
Keywords: meta platforms inc, apple inc, business news, technology, mark zuckerberg, breaking news: technology,
Source: https://www.cnbc.com/2024/04/24/metas-reality-labs-posts-3point85-billion-loss-in-first-quarter.html