Meta Reports Strong Earnings Despite AR/VR Division Losses
Meta loses another $3.8 billion on VR/AR 🔗
Meta reported a net income of $12.4 billion, a 117% increase year-on-year, and a revenue of $36.5 billion, a 27% increase year-on-year, in its first quarter earnings. While the overall company saw growth and profitability, its AR/VR division continued to incur losses, with an operating loss of $3.85 billion. Despite this, Meta reaffirmed its commitment to Reality Labs and announced plans to increase AI spending, which caused the stock to dip by as much as 17% in after-hours trading.
- Meta reported a net income of $12.4 billion, a 117% increase year-on-year.
- The company's revenue was $36.5 billion, a 27% increase year-on-year.
- The AR/VR division incurred an operating loss of $3.85 billion.
- Meta reaffirmed its commitment to Reality Labs and announced plans to increase AI spending.
- The stock dipped by as much as 17% in after-hours trading.