Meta is continuing to plough billions of dollars into its AR/VR division Reality Labs, despite losses of more than $1bn every month for most of the last two years.
The Facebook and Meta Quest owner’s latest launch is a refreshed range of Ray-Ban Meta glasses, which shrink the company’s hardware into a pair of designer specs.
New features here include video calling and an AI that can respond to questions based on what you’re looking at. But Reality Labs as a whole is still nowhere close to turning a profit, and in its latest financial results has said it expects losses to increase as it deepens its investment.
In the financial quarter ending March 31st, Reality Labs recorded $440m in revenue but an overall loss of $3.85bn. As a whole, however, Meta remains profitable – with a net income of $12.4bn for the same period, up 117 percent year-on-year.