Facebook-parent Meta’s metaverse unit continues to lose billions

Meta’s Reality Labs continues to lose billions of dollars. The company has revealed that Reality Labs – the Facebook parent company’s unit that develops virtual reality (VR) and augmented reality (AR) hardware and software – posted a $4.5 billion loss in second quarter 2024 (Q2 2024).
According to a report by CNBC, Meta’s Reality Labs unit has posted cumulative losses of about $50 billion since late 2020.