Meta Corporation* has published its financial report for the fourth quarter of 2023, which ended on December 31. She said that thanks to strong sales of the new Quest 3 VR headset, her Reality Labs division managed to earn a record $1.07 billion.
This is 410% more than in the previous quarter and 47% more than in the fourth quarter of 2022.
As noted by CNBC, the revenue of Reality Labs significantly exceeded the forecasts of analysts surveyed by StreetAccount. It was expected to amount to $768.2 million.
At the same time, Reality Labs has set another record for operating losses. For the first time in its history, it lost $4.65 billion — an 8.5% increase compared to last year. Analysts also expected to see a smaller amount — $4.26 billion.
In Meta* itself, divisions treat losses calmly and perceive them as long-term investments in augmented reality technologies and the development of the metaverse. According to the corporation's forecast, losses will only continue to grow in the near future.
In total, since its launch at the end of 2020, Reality Labs has brought Meta* more than $42 billion in losses.
The losses of Reality Labs in the quarters from the end of 2020 to the end of 2023. The schedule is compiled by CNBC.
*Meta is recognized as an extremist organization in the Russian Federation, its activities are prohibited in the country.