Meta's metaverse division Reality Labs reported a loss of $4.48 billion in the second quarter of this year

ChainCatcher news, according to CNBC, Meta announced its Q2 2024 financial report on Wednesday, showing a revenue of $39.07 billion for the second quarter of this year, exceeding market expectations of $38.3 billion and up from $31.999 billion in the same period last year. Meanwhile, the company's metaverse division, Reality Labs, reported an operating loss of $4.48 billion, with analysts expecting a loss of $4.55 billion, compared to a loss of $276 million in the same period last year.

Since the end of 2020, Reality Labs has accumulated losses of approximately $50 billion. Revenue for Reality Labs primarily comes from the Quest series VR headsets and Ray-Ban Meta smart glasses, generating $353 million, a 28% increase from $276 million in the same period last year. Meta's revenue for Q2 this year was $39.07 billion, exceeding market expectations of $38.3 billion and up from $31.999 billion in the same period last year. Meta stated that it still expects losses for the Reality Labs division in 2024.