Published , by Bill Lavoy
Published , by Bill Lavoy
Today, Facebook (META) reported its Q2 2024 earnings results. While the company beat analysts’ expectations in both earnings per share and revenue, Reality Labs continues to lose astronomical amounts of money.
Reality Labs lost $4.488 billion dollars in Q2 2024 despite making $353 million in revenue. These losses are not new for Reality Labs, as the segment lost $3.742 billion in Q1 2024, $4.646 billion in Q4 2023, and 3.742 billion in Q3 2023. In fiscal year 2023, Reality Labs lost a whopping $16.12 billion. Still the company shows no signs of slowing down in terms of spending, stating in its earnings report that, “For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.”
While these numbers are staggering, it’s important to put them into context. Facebook reported $39.07 billion in revenue for Q2 2024, which makes the Reality Labs losses a little easier for the company to stomach, clearly.
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