Meta has just published the quarterly earnings report for its Reality Labs division. Reality Labs’ revenue is up by 30% compared to Q1 2023: coming in at $440 million. The division as a whole continues to operate at a loss for now but Meta is confident that it’s a viable long-term investment.
Meta’s CFO Susan Li attributes the increase in revenue to Quest headset sales. Q4 2023 was the highest quarterly revenue Reality Labs had ever seen. Susan had claimed at the time that that was because of Q1 2024’s success is very likely the continuing momentum from the Quest 3’s launch as more and more people hop on the bandwagon. Matthew Ball is the CEO at Epyllion — a holding company — and a popular writer about the future of computing. He visualized Reality Labs’ revenue in a recent tweet.
Also worth mentioning is that despite Q1 2024 being better than Q1 2023, it still fails to reach the heights of the first quarters of 2021 and 2022. This was expected, in my opinion, as society returns to the physical office and loses out on leisure time. Also, Virtual Reality still remains a niche hobby most consumers do not participate in.I do think Zuckerberg knows what he’s talking about, however.
Abdullah is an ardent believer in the future of VR, and can't wait to see what more it brings to the table as technology improves. He enjoys covering new software releases in the XR industry, as well as major news about hardware and companies focused on VR.