Meta reported a $4.2 billion operating loss in its Reality Labs unit for the first quarter, continuing its multibillion-dollar bet on the metaverse, according to CNBC. Revenue from the unit came in at $412 million, below analyst expectations. The cumulative losses since late 2020 now exceed $60 billion. Meta recently laid off employees in its Oculus Studios division, which develops VR and AR content. The company faces added pressure from new Trump-era tariffs, which could raise costs and prices on mixed-reality devices. CEO Mark Zuckerberg remains committed to building a long-term digital platform despite investor skepticism.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Meta reported a $4.2 billion operating loss in its Reality Labs unit for the first quarter,
00:07continuing its multi-billion dollar bet on the Metaverse, according to CNBC.
00:11Revenue for the unit came in at $412 million, below analyst expectations.
00:15The cumulative losses since late 2020 now exceed $60 billion.
00:20Meta recently laid off employees in its Oculus Studios division, which develops VR and AR content.
00:25The company faces added pressure from new Trump-era tariffs, which could raise costs and prices on mixed reality devices.
00:32CEO Mark Zuckerberg remains committed to building a long-term digital platform, despite investor skepticism.
00:39For all things money, visit Benzinga.com slash GSTV.