Despite its success in developing AR and VR wearables, Meta✴ continues to face heavy losses for its Reality Labs division. At the end of the third quarter, Reality Labs recorded an operating loss of $4.4 billion, although analysts had predicted $4.68 billion, CNBC reports.
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However, revenue for the division, which is primarily driven by sales of the Meta✴ Quest VR headsets and Ray-Ban Meta✴ smart glasses, rose 29% year-over-year in the third quarter to $270 million. Meta✴ CEO Mark Mark Zuckerberg is convinced that the development of VR and AR technologies can lead the company to a leading position in the field, which will become the next major platform for personal computers.
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However, these investments are costly for the company. Since 2020, Reality Labs has accumulated losses that have already exceeded $58 billion. Despite this, Zuckerberg continues to push forward with his ambitious plans to create a metaverse. In September, at the annual Connect conference, he presented a prototype of Orion AR glasses, arousing great interest in the company’s projects. Meta✴ is also looking forward to the success of its Ray-Ban Meta✴ smart glasses and plans to recruit developers to create apps for the upcoming Orion AR glasses, which are due to hit the market next year.
Additionally, Meta✴ released a new VR headset model, the Quest 3S, in September as a more affordable VR device option with a starting price of just $299. Last year, a more powerful version of the Quest 3 was introduced, starting at $499.