Published , by TJ Denzer
Published , by TJ Denzer
Meta (formerly Facebook) has posted its earnings results for the most recent fiscal quarter, and Q1 2024 was mostly good news for the company’s finances. However, it wasn’t all good news. As is often the case, Meta threw a whole lot of money into its VR Reality Labs division. At the bottom line of its overall revenue, Facebook Reality Labs accounted for about $3.846 billion worth of losses. The division only made about $440 million of that back.
Meta posted its Q1 2024 earnings results, including the Reality Labs revenue and losses in a report on its investor relations website. There, Meta reported the $3.846 billion worth of losses specifically attributed to Reality Labs. It is worth noting that Reality Lab losses were down just a little bit from Q1 2023, which came out to $3.992 billion in losses. Its revenue was also substantially up from Q1 2023, which only came out to $339 million last year.
The Meta Reality Labs metrics have been mostly a black eye on the company’s earnings results at the end of each quarter. Q3 2023 saw Reality Labs account for $3.742 billion of losses on the quarter, and Q2 2023 saw $3.7 billion worth of losses in the division. While Meta has appeared to reduce losses in Reality Labs year-to-year, it’s not necessarily doing so well quarter-to-quarter.
Even so, Meta has also made moves to make its VR technology more available. It’s opened the Meta Horizon OS on Quest headsets to third-party HMD manufacturers and is working with Microsoft on an Xbox Cloud Gaming-inspired Quest headset. It will remain to be seen if this licensing pays off substantially, so stay tuned for more financial reporting as news drops, right here at Shacknews.