Meta* lost another $7.73 billion on its XR division
The losses of Reality Labs, the XR division of Meta*, continue to grow. In the first half of 2023, they amounted to $7.73 billion. This is $1.9 billion more than in 2022.
Also, the division’s revenue decreased. It fell almost twice and amounted to $616 million.
In a conversation with investors, the head of Meta* Mark Zuckerberg said that the company has made a “very long-term bet” on Reality Labs. He admitted that the Meta* XR business may never pay off, nevertheless, he believes that in the future augmented reality technologies will be in great demand.
It should be noted that in total, to date, Reality Labs has brought Meta * about $40 billion in losses.
*The company’s activities are prohibited on the territory of the Russian Federation.
