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Meta Reports Loss of $3B on Augmented/Virtual Reality Operations in Q1

Nelson Wang-Coindesk
2022-04-28 03:11
Meta Platforms (FB) lost $2.96 billion in the first quarter on its recently created Facebook Reality Labs (FRL) division, which comprises its augmented and virtual reality operations, according to its earnings report.
  • Meta announced in the third quarter it would be breaking out results for the division to show the performance and investments in a group that it considers key to the next generation of online social experiences.
  • FRL generated revenue of $695 million in the first quarter, a small fraction of the $27.2 billion generated in the quarter from Meta’s family of apps, which include Facebook, Instagram and WhatsApp.
  • For 2021, Facebook reported a loss of $10.2 billion on revenue of $2.3 billion for FRL.
  • Meta previously estimated FRL would reduce its overall operating profit by about $10 billion in 2021, and said it was committed to spending even more on the division for the next several years.
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