Meta’s Reality Labs unit, responsible for developing VR/AR technologies for the metaverse, incurred a $3.99B operating loss, according to Q1 earnings report. Revenue generated during the quarter was $339M. The figures indicate a decline from the previous quarter, where it suffered a $4.28B loss with $727M revenue. Meanwhile, Meta CEO Mark Zuckerberg is cutting costs in his social media company while investing in the metaverse. The revenue generated by Reality Labs is insignificant compared to the billions of dollars brought in by Meta’s advertising sales.
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