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Meta's reality check: Inside the $45 billion cash burn at Reality Labs VR Division
Meta's Reality Labs division has lost nearly $50 billion in the last five years. Yahoo Finance spoke to several former employees about what's happening inside Mark Zuckerberg's virtual world.
Insiders tell Yahoo Finance that the staggering cash burn is not the price of innovation, but rather the result of a “chaotic” culture that features frequent reorganizations and installation of top leaders without AR or VR expertise. Meta also began breaking out its revenue and expenses into two separate divisions: “Family of Apps” (which included Facebook, Instagram, and WhatsApp), and “Reality Labs” (a combination of Oculus and its other mixed-reality investments). In 2021, after over a year of design and build, Meta’s vice president of AR Alex Himel abruptly canceled the project, instead returning to using an external Qualcomm ( QCOM) chip.
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