Operating losses for Reality Labs increased to $13.7 billion in 2022 from an already staggering $10.2 billion in 2021, according to an analysis by Meta. Reality Labs’ revenue was $2.16 billion in 2018, down from $2.27 billion in 2021.
Reality Labs Operations
Remember that in 2014, Meta spent $2 billion to acquire Oculus, the virtual reality (VR) gear business that laid the framework for its own endeavours.
While Meta hasn’t released official employment counts for Reality Labs, the business was rumoured to have employed 17,000 people in the department before layoffs in the latter half of 2017.
CFO Susan Li has stated that in 2023, Meta anticipates even greater yearly losses for Reality Labs. Li called the company’s work on augmented reality (AR), virtual reality (VR), and metaverse (Meta) software “a long-duration commitment” and promised to keep pouring resources into the field.