Despite achievements in wearable augmented and virtual reality devices, Meta continues to experience significant losses in its Reality Labs division. In the third quarter, Reality Labs reported a $4.4 billion operating loss, slightly less than analysts’ predictions of $4.68 billion, as reported by CNBC. Nonetheless, the division’s revenue saw a 29% year-over-year increase, reaching $270 million in the third quarter, largely driven by sales of Meta Quest VR headsets and Ray-Ban Meta smart glasses.
Zuckerberg’s Vision for AR and VR Technology
Meta CEO Mark Zuckerberg remains committed to VR and AR technologies, convinced they can secure Meta’s position as a leader in what he believes will be the next major platform for personal computing. To this end, Meta continues to invest heavily, though these initiatives come at a high cost. Reality Labs has accumulated losses exceeding $58 billion since 2020. In September, Zuckerberg reiterated his dedication to the metaverse at Meta’s annual Connect conference, where he showcased the Orion AR glasses prototype, sparking public interest in the company’s projects, reminds NIX Solutions.
Expanding Product Line and Attracting Developers
Meta continues to expand its lineup, releasing a new Quest 3S VR headset in September, positioned as a more affordable option at a starting price of $299, while last year’s higher-performance Quest 3 model starts at $499. Meta is also hopeful that the Ray-Ban Meta smart glasses and the upcoming Orion AR glasses, expected next year, will attract developers to create innovative applications. This is part of Zuckerberg’s broader plan to create a metaverse ecosystem, and we’ll keep you updated on these developments as Meta strives to bring VR and AR technologies to a larger audience.