VR is sometimes dismissed as a fad, with some seemingly desperate to ring the death knell on virtual reality and its associated hardware at the earliest opportunity. While we're not so convinced, the latest financial report from Meta shows staggering expenses in regards to its VR headset and augmented reality division that are difficult to ignore.
Meta's first quarter results of 2024 reveal that Reality Labs, the company's business and research unit that develops and produces VR headsets like the Meta Quest 3, made $440 million, a 30% increase attributed to Quest headset sales. Reality Labs' expenses, however, were an eye-watering $4.3 billion.
