Mark Zuckerberg, CEO of Meta Platforms, demonstrates the Meta Quest Pro throughout the digital Meta Connect occasion in New York on Oct. 11, 2022.
Michael Nagle | Bloomberg | Getty Images
Meta continues to push the metaverse as the longer term. In the current, it keeps racking up losses.
In its third-quarter earnings report Wednesday, Meta revealed that its Reality Labs unit, which develops metaverse-related applied sciences, recorded a $3.74 billion working loss.
Revenue in the digital actuality and augmented actuality division dropped 26% from $285 million a yr earlier to $210 million. Analysts had been anticipating gross sales of $299.3 million and a $3.9 billion working loss, in line with StreetAccount.
Facebook founder and CEO Mark Zuckerberg modified the corporate’s title to Meta two years in the past, declaring the metaverse “the following frontier.”
While Meta is pouring billions of {dollars} a quarter into VR and AR to attempt to flip Zuckerberg’s dream right into a actuality, the market stays nascent. Developers who attended Meta’s current Connect convention for blended actuality advised CNBC that Apple’s upcoming entry into the VR market may catalyze the trade and push it into the mainstream.
Meta debuted its Quest 3 VR headset in September, pitching it as a technically superior model of the older Quest 2 gadget. The new product accommodates an improved “passthrough” characteristic that creates extra of a blended actuality expertise.
The Quest 3 has a beginning value of $499, which is $200 greater than the Quest 2 however $500 cheaper than the high-end Quest Pro VR headset.
The firm is positioning its Quest headsets as a extra reasonably priced means for folks to expertise VR in comparison with Apple’s upcoming Vision Pro blended actuality headset, which can value $3,499 when it debuts subsequent yr.
In June, Meta debuted the Meta Quest+ VR subscription service for customers who need to entry two new video games every month. The subscription service prices $7.99 a month and works with the Quest 2, Quest Pro and Quest 3 VR headsets.
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