The Reality Labs division working on augmented reality technologies remains unprofitable for Meta*. In a recent financial report, the company said that the losses of Reality Labs for the first quarter of 2023 amounted to $3.99 billion – 34.8% more than last year.
The division’s revenue halved to $339 million.
In a conversation with investors, Mark Zuckerberg stressed that Meta* will continue to invest in the development of the metaverse. According to him, recently there have been rumors that the company has decided to abandon metaverse and focus on artificial intelligence, but in reality this is not quite true. Meta* is actually paying a lot of attention to AI right now, but not to the detriment of the metaverse.
*The company’s activities are prohibited on the territory of the Russian Federation.