Meta Platform Inc., previously known as Facebook, released its first-quarter 2022 results on Wednesday, reporting that the new business group Reality Labs, which oversees the company’s Metaverse business, posted a loss of $2.9 billion in Q1 2022.
this loss figure This represents an increase from a loss of $1.8 billion in Q1 2021.
In revenue, Reality Labs earned $695 million in the first quarter of this year, up from $534 million in Q1 2021.
“We expect total expenses in 2022 to be in the $87-92 billion range. This is down from our previous trend of $90-95 billion,” the earnings report said. “We expect 2022 expenditure growth to be driven mainly by the Family of Apps segment, followed by Reality Labs.”
Reality Labs focuses on augmented reality and augmented reality (AR) products and services in which users can socialize, work and play. year 2021
Meta’s CFO David Wehner said the loss was about $4 billion. caused by employee costs research and development and cost of sales
The company’s total revenue for Q1 2022 was $27.9 billion, up from $26.1 billion a year ago.
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