- Reality Labs recorded a $4.5 billion loss in Q2 2024, adding to its $50 billion total losses since late 2020.
- CEO Mark Zuckerberg highlighted advancements in AI and stronger-than-expected sales for Ray-Ban Meta glasses and Quest 3 headsets.
- Meta’s annual Connect conference on September 25 will feature updates on AI and metaverse projects.
Meta’s Reality Labs unit, tasked with developing virtual and augmented reality technologies, reported a substantial $4.5 billion loss for the second quarter of 2024.
This loss contributes to a staggering total of around $50 billion in cumulative losses since the end of 2020. Despite these financial challenges, the unit’s revenue did see a 28% year-over-year increase, reaching $353 million.
Meta’s Reality Labs Reports Major Losses but Celebrates AI and Hardware Success
Despite these setbacks, Meta is seeing promising growth in specific areas. Sales of the Quest 3 headset and Ray-Ban Meta glasses have exceeded expectations, highlighting a strong market demand for its latest hardware. Zuckerberg attributes this success to the superior value and quality of the products.
CEO Mark Zuckerberg remains positive about the future, pointing to significant progress in artificial intelligence and metaverse projects. He noted that AI advancements have accelerated the timeline for certain technologies, potentially making smart AI available before advanced holographic AR. The strong sales performance of Meta’s Ray-Ban glasses and Quest 3 headset are seen as positive indicators of future success.
Meta plans to showcase its progress and future plans during its annual Connect conference on September 25. This event will offer further insights into the company’s evolving AI and metaverse projects, reflecting both current achievements and future goals.
Despite ongoing financial losses, Meta’s Reality Labs unit is making notable strides in AI and hardware sales. The strong market response to the Ray-Ban Meta glasses and Quest 3 headset, combined with advancements in artificial intelligence, may provide a foundation for future growth and innovation.
“Last quarter I discussed how advances in AI have pulled in the timelines for some of our products. A few years ago I would have predicted that holographic AR would be possible before smart AI,
