As someone who has been following tech companies and their financial reports for quite some time now, I must say that the recent $4.4 billion loss reported by Meta Reality Labs in Q3 2024 is quite staggering. It’s like watching a seasoned athlete tripping over their own two feet during a marathon – you can’t help but cringe and wonder, “What’s going on here?
In this week’s report, it’s been revealed that Meta, formerly known as Facebook, is among the tech firms disclosing their financials. The latest figures from Meta Reality Labs, a division of Meta, indicate ongoing substantial losses in the company’s overall expenditure and income. This time, for Q3 2024, Reality Labs reported a loss of approximately $4.4 billion.
In its Q3 2024 earnings report posted on its investor relations site, Meta disclosed that Reality Labs incurred a loss of approximately $4.428 billion. This figure closely mirrors the losses recorded by Reality Labs during Q2 2024. However, it represents an increase compared to the losses reported for Q3 2023, which amounted to $3.742 billion.
It appears that Meta anticipates that the Reality Labs division will keep reporting losses, primarily due to ongoing investments and expenses associated with it.
In Q3 2024, the company’s revenue of $40.69 billion remained largely unaffected by the additional $4.4 billion, while it reported over 3.29 billion Daily Active Users across its apps during that period.
In the fiscal year 2023, Meta Reality Labs incurred a total of $16.12 billion in losses. It seems that this sector might continue to face similar outcomes in 2024. Keep an eye on Meta for more updates, as we’ll be following this topic closely right here at Shacknews.
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2024-10-30 23:57