Published , by Donovan Erskine
Published , by Donovan Erskine
Facebook (META) is out with its Q2 2023 earnings report, joining the chorus of financial news hitting this week. The report shows that the company beat on revenue and EPS expectations, but it wasn’t all good news. Unsurprisingly, Reality Labs lost a large chunk of change last quarter, posting a loss of $3.7 billion.
The figure for Facebook’s Reality Labs loss came from its Q2 2023 earnings report, which was published at the close of markets today. $3.7 billion is a lot of money to lose on a single department, but it was an anticipated loss for Facebook, and one that didn’t stop the company from hauling in $32 billion in revenue and $2.98 in earnings-per-share, topping expectations for both categories.
Facebook has been very upfront about its ongoing financial loss on Reality Labs, and is clearly committed to further investing in the VR/AR department. In fact, the company outright says in the earnings release that it expects Reality Labs to keep losing money in the near future. “Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and investments to further scale our ecosystem.”
"We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," said Mark Zuckerberg, Meta founder and CEO.
As for the company’s endeavors in that space, the Meta Quest 3 is set to launch later this year. For more on Facebook and the other financial stories in the world of technology, stick with Shacknews.