Meta committed to metaverse despite $3.7b Q2 loss
Meta’s Reality Labs division recorded a $3.7 billion operating loss in Q2 this year. Yet, the social media giant remains fully committed to metaverse development. So far, in 2023, Meta has invested a staggering $7.7 billion in its virtual reality business, according to Meta’s latest earnings results released on July 26. The unit’s revenue declined to $276 million in the same quarter from $452 million last year. This decrease was attributed to lower Quest 2 virtual reality headset sales. During an earnings call, Meta’s CEO, Mark Zuckerberg, emphasized their dedication to artificial intelligence (AI) and the metaverse vision. He explained that the company has been actively working on these priorities for years and sees them as overlapping and complementary endeavors. You might also like: Zuckerberg still optimistic on metaverse despite $13.7b setback Meta’s CFO, Susan Li, attributed the revenue drop to reduced sales of their VR headset and re...