Meta posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses. 'I recognize it's expensive to build this,' said CEO Mark Zuckerberg.
Meta Platforms Inc., formerly known as Facebook Inc., posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses.
Overall Reality Labs revenue came in above expectations, seeing $695 million in revenue during the first quarter of this year from the sales of things like virtual reality headsets and Meta Portal hardware. “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,” said Zuckerberg.
In financial reports from earlier this year, Reality Labs posted an approximate $10 billion loss throughout 2021, with roughly $4 billion of those losses owing to employee costs and research and development.
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