Facebook owner Meta registered nearly $4 billion in losses for its metaverse and AI research wing in the first quarter, with the company’s stock crashing by more than 11 percent in a single day.
Meta reported its first-quarter 2024 earnings on Wednesday, revealing that its “Reality Labs” division suffered massive losses. Reality Labs is the company’s research and development wing focusing on immersive technologies like metaverse, virtual reality, and AI. Reality Labs registered a loss of $3.84 billion between January and March 2024 against a revenue of just $440 million. Meta began reporting Reality Labs as a separate business segment at the end of 2020. Since then, losses from the segment have exceeded $45 billion.
