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Meta’s Reality Labs loses record $4.65 billion ahead of Apple’s Vision Pro launch
Meta's Reality Labs has now lost more than $40 billion dating back to late 2020.
Meta continues to sink billions of dollars a quarter into developing the metaverse, and is just now facing its first real competitive threat from Apple. "We expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem," the company said in its earnings statement. The company's heavy spending on the metaverse comes as Apple jumps into the market with its Vision Pro headset, which is slated to debut Friday.
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