Meta's Metaverse Dreams Sour As Reality Labs Records $3.7 Billion Loss — Quest 2 Sales Slump
Portfolio Pulse from Ananya Gairola
Meta Platforms Inc.'s Reality Labs reported a $3.7 billion operating loss in its latest financial report, primarily due to decreased Quest 2 sales. The unit's Q3 revenue was $210 million, down 26% due to lower Quest 2 sales. The company's CFO, Susan Li, attributed the losses to ongoing product development efforts in the augmented and virtual reality space. Despite the financial challenges, Meta remains committed to its metaverse vision and recently launched its latest headset, the Quest 3.
October 26, 2023 | 10:29 am
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Meta Platforms Inc. reported a $3.7 billion operating loss due to decreased Quest 2 sales. Despite the financial challenges, the company remains committed to its metaverse vision.
The reported $3.7 billion operating loss is a significant financial setback for Meta Platforms Inc. This is primarily due to decreased sales of their Quest 2 product. Despite this, the company remains committed to its metaverse vision, which suggests they believe in the long-term profitability of this venture. However, in the short term, this news is likely to negatively impact the company's stock price.
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