Meta’s Reality Labs posts $4.4 billion loss in third quarter
Publishing timestamp: 2024-10-30 20:06:13
Summary
Meta's Reality Labs unit, which develops augmented and virtual reality technologies, reported an operating loss of $4.4 billion in the third quarter. Despite revenue rising 29% year over year to $270 million, it fell below analysts' expectations. Meta CEO Mark Zuckerberg believes VR and AR technology could position the company as a leader in the next major personal computing platform. The company continues to invest heavily in developing the metaverse, with hopes to capitalize on the success of its smart glasses and upcoming AR glasses.
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Keywords: breaking news: technology, business news, mobile, social media, internet, technology, meta platforms inc,
Source: https://www.cnbc.com/2024/10/30/metas-reality-labs-posts-4point4-billion-loss-in-third-quarter.html