Reality Labs Financial Reports Announced

Business

26 April 2024 08:32

Meta's Reality Labs division, responsible for Meta Quest and various AR/VR/XR endeavors, reported a loss of $3.8b. Meta executives express confidence in the division's future prospects, citing ongoing progress. The officials stated that the losses within Reality Labs are expected to grow substantially in the coming periods.

Additionally, the company announced plans to increase its investment in artificial intelligence , projecting full-year expenditures in the range of $35b to $40b, up from the previous estimate of $30 billion to $37 billion. Furthermore, Meta anticipates a larger allocation of funds towards AI in 2025. The race for AGI is intensifying since Meta recently introduced its Llama 3 model.

Mark Zuckerberg stated "Historically, investing to build these new scaled experiences in our apps has been a very good long-term investment for us and for investors who have stuck with us, and the initial signs are quite positive here too. But building the leading AI will also be a larger undertaking than the other experiences we've added to our apps, and this is likely going to take several years."

Tags: Reality Labs

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