Meta Platforms reports a $4.5 billion loss in its metaverse division Reality Labs for Q2, totaling nearly $60 billion in losses since 2019.
Meta Platforms lost $4.5 billion in Reality Labs in Q2 despite a 22% revenue increase to $49 billion.
Meta is cutting Reality Labs' budget by 20% to save $3 billion, which may be redirected to AI initiatives.
Meta's stock fell by 15% after disclosing substantial AI investments and persistent losses in its metaverse unit, accompanied by a forecast of increased expenses reaching $96-$99 billion for the year.
Meta reportedly cuts metaverse budget by 20% despite Q1 earnings rising 27%.
Meta reduces metaverse budget by 20% despite a 27% year-over-year rise in Q1 earnings.
Meta reportedly cut metaverse budget by 20% as Q2 earnings call approaches, despite Reality Labs seeing Q1 earnings rise by 27% year-over-year.
Former BAYC creative director Jeff Nicholas joins Meta's Reality Labs as an executive mixed reality producer for entertainment experiences.
Former BAYC creative director Jeff Nicholas joins Meta's Reality Labs as an executive mixed reality producer for entertainment experiences.
Former BAYC creative director Jeff Nicholas joins Meta’s Reality Labs as an executive mixed reality producer for entertainment experiences.
Former BAYC creative director Jeff Nicholas joins Meta's Reality Labs as an executive mixed reality producer for entertainment experiences.
Former BAYC creative director Jeff Nicholas joins Meta's Reality Labs as an executive mixed reality producer for entertainment experiences.
