The corporation released its financial report for the third quarter of 2024, which ended on September 30. Its XR division, Reality Labs, continues to incur substantial losses.
For the third quarter, Reality Labs generated $270 million in revenue with operational losses amounting to $4.4 billion. Compared to last year, the division's losses increased by 19%.
As noted by CNBC, Reality Labs' revenue did not meet StreetAccount analysts' projections, which were estimated to be $310.4 million.
Nonetheless, the division's losses were lower than expected—coming in at a somewhat better situation than the anticipated $4.8 billion.
However, this did not affect the overall picture. Since its integration into the parent company at the end of 2020 (covering 16 quarters), Reality Labs has lost $54.36 billion in total.
Meanwhile, Meta* projects that the division's losses for the entire fiscal year will "significantly increase year-over-year" due to ongoing development of new products and technologies. Currently, the key project is the Quest 3 VR headset.
The corporation's CFO, Susan Li, emphasized that Reality Labs remains a "long-term priority" and requires "significant investment" to realize the ambitious plan of creating breakthrough products.
Quarterly losses for Reality Labs from the end of 2020 to the third quarter of 2024. Chart created by CNBC.
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