CNBC February 1, 2024
Key Points
– Meta’s Reality Labs unit brought in more than $1 billion in fourth-quarter sales but recorded an operating loss of $4.65 billion.
– 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.
– The VR and AR market saw a 40% sales drop in 2023, as of late November, to $664 million, according to research firm Circana.
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.
In its fourth-quarter earnings report Thursday, Meta said its Reality Labs unit recorded an operating loss in the period of...
Today's Sponsors
Today's Sponsor