Meta reported its first quarter earnings after the close of trading yesterday, showing continued losses in its AR/VR Reality Labs division that were more then offset by growth and profitability in the rest of the business.
Meta’s story largely continued as it has, with the VR/AR division dragging on the success of the its various services like Facebook, Instagram, Messenger, and WhatsApp, but not enough to keep the company from growing both revenues and profits.
Despite losing money at a rate of more than $1 billion per month since June of 2022, Meta affirmed its commitment to Reality Labs, saying, “we continue to expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and our investments to further scale our ecosystem.”
