Facebook Reality Labs lost $3.67 billion during Q3 2022
The company anticipates Reality Labs operating losses in 2023 to "grow significantly year-over-year."
Facebook (META) reported its Q3 2022 results today and among the information shared is mention of how Reality Labs earned $285 million in revenue while losing a staggering $3.67 billion. In the earnings report that was shared, it’s noted that Meta anticipates Reality Labs’ operating losses in 2023 to “grow significantly year-over-year.”
Numbers wise, Reality Labs reported the following during Q3 2022:
Opening the earnings report, Meta CEO and founder Mark Zuckerberg remarks on community growth and engagement, while also touching on challenges the company faces such as revenue growth.
“Our community continues to grow and I'm pleased with the strong engagement we're seeing driven by progress on our discovery engine and products like Reels," Zuckerberg said in the report. "While we face nearterm challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We're approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company."
For more from Meta’s Q3 2022 earnings, be sure to read through the full report. And for more Facebook (META) news, check out some of our previous coverage including Facebook (META) Q3 2022 earnings results beating revenue expectations but missing on EPS, and Facebook (META) being ordered to sell GIPHY by the United Kingdom’s Competition and Markets Authority (CMA)
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replyMorgan Shaver posted a new article, Facebook Reality Labs lost $3.67 billion during Q3 2022
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after hours getting DUNKED on https://www.cnbc.com/quotes/META
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What are they doing over there? Horizon Worlds is ass and it’s not like they’re selling so many Quests below cost that the losses pile up in the billions
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It's basically an R&D lab plus includes a variety of studios making games and other content. They reportedly had 17,000 employees in the division. That's probably like $12bn+/year in headcount (and facilities) so with relatively few sales of Quest hardware and software (single digit millions per quarter) it's mostly salary that's not being made up for in sales yet.
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Quest hardware sales have been fine, it's software that's killing them. I'm remarkably happy that I was able to get a solid PC VR headset for cheap, but it was maybe not the smartest move on Meta's part to make it so easy to access an infinitely better software library then what they have available on their hardware by default.
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All of their competitors in the VR space. Sales have slowed as the hardware has aged and the price increase definitely hurt momentum, but for better or worse they are still pretty much the only game in town for AIO consumer VR (in the US, at least) and their sales numbers reflect that. PSVR2 could very well change that, although it would still be for a different market segment.
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She obviously has many years of experience managing products.
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This isn't real, right? Looking at lower paid tech product manager positions online for much smaller companies, it looks like you need significant experience and training to do that job.
How does a 23 year old end up in a position like that at Meta?-
her name is in the profile - https://www.linkedin.com/in/rileyrojas/
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3x entrepreneur! She must be doing something right.
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I don't see anything wrong here? She wakes up, works on herself, goes to the office, eats a bite, settles into work, works, goes home and does something fun.
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23 YO as a PM lol
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Like I get the Facebook hate (I really do), but there is a part of me that thinks it is fucking amazing that we have a company willing to spend billions on developing AR/VR. They are legitimately pushing forward a lot of tech that as lifelong gamers we have dreamed for. I don’t give a shit about their stock or business plan and I worry that all this public pressure is going to derail what is an amazing effort to expand how we experience the world. Do we just want Apple to do everything? Best case they both compete and we all win.
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yea pretty much. the money just goes to apple which isnt that much better. hopefully apple invests a bunch in vr too though
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A successful Apple headset is simultaneously the best thing that could happen for AR and likely one of the worst things that could happen for VR. People lose their shit now about the idea of a Meta-dominated metaverse, but an Apple-dominated VR sector would effectively kill innovation in that space as developers rush to join their anti-consumer walled garden.
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I remember when FB bought Oculus and people (on Oculus reddit sub) were saying that they wished MS or Google had bought them instead. No way those companies would have spend that much without a quick return. Google would have killed it years ago, probably MS too. And Oculus on its own wouldn't have the cash to keep up the R & D, so it's doubtful we would have gotten Quest or Quest 2.
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Facebook should die. Leave nothing. They are good for nothing.
Facebook parent company fined $25M for WA campaign finance violations
https://www.seattletimes.com/seattle-news/politics/facebook-parent-company-fined-25m-for-wa-campaign-finance-violations/ -
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Yeah the quest 2 is good hardware at a good price point. Also I'd point out that VR has many applications beyond gaming and they are pushing in those areas as well.
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I hate to rain on your parade here given this is the only vaguely positive subthread about my employer but it actually runs android. There’s a set of engineers desperate to help avoid the stigma of android with quest and I think your comment is evidence they’re doing at least an okay job.
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their prototypes have set the stage for some really good headsets in 2030. other companies are just gonna ride the coattails
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Who makes the best headset?
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Oculus wasn't about to go bankrupt or anything. It would be slower going, but we'd still have Windows MR, Steam VR, Playstation VR, etc.
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I can both hate and love them for different things
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Get fucked.
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Poor zuck. VR is still niche.
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Facebook needs a new way of reading the exact same content it's been producing the same content for the last few years not VR.
Augmented VR facebook? I dunno. Something for reading lots of text that's NOT VR.
Fuck Facebook.
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