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Reality Labs, the AR, VR, and metaspace division of Meta, just finished its best quarter yet despite a multibillion-dollar streak of losses. Reality Labs generated more than $1 billion in revenue in the last quarter of 2023 thanks to its Quest headsets and Ray-Ban Meta smart glasses.
Although breaking the $1 billion mark is a new milestone for the company’s meta-version group, it is expected to continue to suffer significant losses in the near future. Reality Labs lost $4.6 billion this quarter and more than $16 billion in 2023. Meta CFO Susan Lee said those losses are expected to “expand significantly year over year due to our continued efforts to develop products in the augmented reality space. /virtual reality and our investments to further scale our ecosystem,” reports Engadget.
The fourth quarter, which spans the holiday shopping season, is typically the best period for virtual and augmented reality devices. During a call with analysts, Mark Zuckerberg suggested that the company’s smart glasses have been particularly successful, saying that Ray-Ban maker EssilorLuxottica plans to make more than we expected due to strong demand. He added that the Quest 2 and Quest 3 “work well,” calling the Quest 3 “the most popular mixed reality device.”
Meta Quarterly Report: $32 billion in revenue, more than 3 billion daily users, and $21 billion in losses for Reality Labs in a year and a half
Excluding Reality Labs, Meta had a strong quarter, reporting $40.1 billion at the end of 2023, bringing its total revenue for the year to just under $135 billion. Facebook’s user base also grew to 2.1 billion daily active users ( DAU). Susan Lee said the company is “moving away” from publishing that metric and will no longer report daily or monthly Facebook active users or “monthly active family members.”
Meta’s new app, Threads, is still growing. According to Zuckerberg, the service has 130 million monthly users, down from less than 100 million last fall. Zuckerberg also talked about his recently announced ambitions to build artificial general intelligence (AGI) into Meta, saying it will be a topic for future work on the company’s products.
The next generation of services requires the creation of full-fledged general intelligence. It’s clear that we will need our models to be able to reason, plan, code, remember and have many other cognitive abilities to provide the best versions of the services we can imagine.
Zuckerberg said.
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