Mark Zuckerberg has remained optimistic about his goal of building the metaverse, even despite Reality Labs, Meta’s team of experts in developing virtual and augmented reality, suffering income losses.
Reality Labs lost $2.96 billion in Q1 2022, notably more than the losses of $1.83 billion a year ago in Q1 2021. On the other hand, the unit earned $695 million during the first quarter this year, marking an increase from the $534 million drawn in Q1 2021.
"I recognize it’s expensive to build this, it’s something that’s never been built before. And it’s a new paradigm for computing and social connection,"
Reality Labs is oriented around building metaverse-related consumer hardware, software, and content.
Meta’s most promising metaverse item, making the highest profits, has been their headset—the Oculus Quest. Over 2 million people downloaded the Meta Quest 2 app during the holidays. However, the new, premium headset will be “focused on work use cases and eventually replacing your laptop or work setup.”
On the Flipside
- Despite the financial losses experienced by the metaverse project, the company’s stock has soared.
- In 2021, Meta spent $27 million on Zuckerberg’s security.