Meta's metaverse department, Reality Labs, suffered a loss of 4.48 billion US dollars in the second quarter of this year

PANews reported on August 1st, according to CNBC, Meta announced its Q2 2024 financial report on Wednesday. The company's revenue for the second quarter of this year was $39.07 billion, exceeding market expectations of $38.3 billion and last year's same period revenue of $31.999 billion. Meanwhile, the company's metaverse business unit Reality Labs had an operating loss of $4.48 billion, less than analysts' expected loss of $4.55 billion and a significant increase from last year's same period loss of $276 million. Since the end of 2020, Reality Labs has accumulated losses around approximately $50 billion dollars.

The main income for Reality Labs comes from Quest series VR headsets and Ray-Ban Meta smart glasses with revenues reaching up to $353 million dollars which is a growth rate at 28% compared to last year’s same period revenue at about$276 million dollars.

Meta’s second-quarter earnings were again reported as being at around$39.07 Billion USD surpassing market expectations that were set at around$38 Billion USD while also beating out their previous annual earnings during the same time frame in the prior fiscal year which came in at roughly$31 Billion USD.

Meta stated that it still expects losses for its Reality Labs division in 2024.