Meta’s VR division suffered an operating loss of US$2.8 billion in the second quarter. Reality Labs, as it is widely known, is fundamental to Meta’s metaverse ambitions, even though it remains very expensive to operate.<\/p>\n
Meta Reality Labs generated revenue of US$452 million in the second quarter ended June 30, compared with US$305 million a year ago and US$695 million in the first quarter. However, the division recorded a loss of US$2.8 billion in the second quarter, compared to a loss of US$2.4 billion in the previous year and US$2.96 billion in the first quarter.<\/p>\n
The company is now preparing to raise the price of its Meta Quest 2 VR headsets by US$100 each on August 1, meaning that Meta Quest 2 will cost US$400 and US$500 for the 128GB and 256GB versions, respectively, starting in August.<\/p>\n
For a limited time, every new purchase of a headset includes a free download of the popular VR rhythm game Beat Saber. The company is also raising prices for peripheral products too.<\/p>\n
Meta’s CEO Mark Zuckerberg admits that the metaverse project was very expensive, but that it will be vital to how humans live. He explained that the company was building it in a way that would be the best possible platform without any restrictions from competitors. Zuckerberg explained that the metaverse could unlock hundreds of billions of dollars or trillions over time.<\/p>\n
Meta’s overall income was US$6.69 billion on revenue of US$28.8 billion in the second quarter compared with net income of US$10.4 billion on revenue of US$29.1 billion a year earlier. Analysts predicted net income of US$7 billion on revenue of US$28.9 billion.<\/p>\n
Although analysts’ estimates were not met, Meta’s daily active users stood at US$1.97 billion, up 3% from a year ago.<\/p>\n